Project Case Study Gemma Laird

Project Theme

Qualitative Discounting

Project Overview

The project introduced Quality Adjusted Pricing into a number of commercial products for one of our clients to ensure that more competitive pricing is applied to the best quality risks. This takes factors such as favourable risk features, adverse risk features and claims experience into consideration and makes a proportionate adjustment to the premium and rates to reflect this.

Project Involvement

The project involved coming up with a solution to add the quality adjusted pricing to work across different products. New questions were added to capture information for new policies and existing policies at the next renewal. Adding the ability for the Underwriter to apply new loadings and discounts to policies reflecting technical rating, claims performance adjustment and market adjustment.

Overall benefit to the customer?

Prior to the completion of this project the insurance products used standard pricing for their listed occupations. This did not allow the client to differentiate between individual risks which include features that have a positive or negative impact. The project solution allows the client to apply relevant discounts or loadings to such risks.

What I found interesting as part of the project?

As the developer I enjoyed the challenge of creating such a complex solution from start to finish. I was given the opportunity to bounce any ideas I had with the project supervisor to come up with the most efficient outcome for the client.