Dynamic pricing with AI syncs insurers with market realities

Pricing automation improves speed and flexibility

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The cost to consumers of switching insurance products and carriers has declined, with a predictable effect of decreasing customer loyalty. Insurers can address this challenge with artificial intelligence (AI)-based dynamic pricing.

AI-based pricing models deliver significant reductions in the time required to introduce new pricing frameworks. Time-to-market can be condensed from months to weeks.

New governance models are required. AI builds speed, flexibility, and reduces the risk of mispricing, but new pricing and calculation models require a next-generation approval process.

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How can IBM help you?

Insurers face competing pressures to innovate and control costs. We’re here to help you modernize at lower cost, meet regulatory requirements and exceed customer expectations.

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Successful insurers are relentlessly focused on customer needs. Watson Expert Assist from IBM with artificial intelligence (AI) for insurance allows agents to spend more time listening to customers instead of searching multiple systems, spreadsheets or documents for answers.

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Meet the authors:

Koos Quak

Connect with author:

, GBS Insurance Leader NL, IBM Global Business Services;
Gert-Jan van Zuijlen

Connect with author:

, Financial Management Consultant, Global Business Services;
Christian Bieck, Global Insurance Leader, IBM Institute for Business Value

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