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Products and Pricing

Products and Pricing

Increased price transparency, the rise of the Internet as a distribution channel, changes in regulatory and legal frameworks (particularly in emerging markets), and the impact of fluctuating claims on a number of classes of business — these are just some of the factors that have made insurance product design and pricing more competitive than ever.

Diminishing investment income in recent years has meant that there is little room to offset underperforming products or market segments. In order to price correctly and offer new products that will be successful, companies must have a keen understanding of the risks being underwritten and related consumer purchasing behavior.

This means using and analyzing data more creatively, maximizing your understanding of existing and target customers, and more precisely defining your value proposition so that you can offer products that will appeal in the market and provide a decent return. Usage-based insurance (also known as telematics insurance) illustrates how completely new products and profit opportunities can emerge when these strategies are creatively combined.

Towers Watson’s actuarial and management consultants, and market analysts help align thinking and strategy on product mix and pricing with your most important business objectives. Whatever your goals ― growing volume or margins, improving early-year retention rates to build client relationships, streamlining the pricing review process, optimizing your product portfolio, or launching or piloting new products ― we can help.

Why Towers Watson?

Towers Watson provides pricing innovation linked to an in-depth knowledge of how the insurance business works. Our pricing software (e.g., Emblem, Radar and Classifier) is among the most advanced and widely used in the global property & casualty insurance sector. Our actuaries and management consultants work exclusively with insurance clients and have deep experience in the industry. Most important, we have a track record of solutions that deliver solid financial results for organizations of all sizes and complexity.

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