Underwriters feed hundreds of risks through pricing models each year. These models dictate which risks are declined or accepted and at what price. This puts pricing models at the heart of company results and exposure management. But typical pricing models have issues:
- Some models struggle with large data sets – slowing down or falling over entirely.
- Spurious or erroneous inputs aren’t easy to identify, with companies relying post bind peer review.
- Duplicated time and effort is spent by expert underwriters manipulating input and data into the various formats required for the pricing model, catastrophe models, underwriting systems etc.
- Pricing model governance and infrastructure isn’t aligned to the company’s growth ambitions.
- The link between pricing and exposure management is slow and relies on manual processes.
Psicle automates your pricing processes, enabling your underwriters to focus their expertise on the analysis of risks, rather than time consuming data tasks.
Psicle has many features that make it the ideal pricing solution.
- Engine – Psicle’s computing engine can handle 1000s of rows of data – manipulating vast broker submissions with ease.
- Flexibility – One of Psicle’s key strengths is its flexibility. It is able to transform a wide variety of data sources and structures (data schedules, business plans, catastrophe modelling results) to create a pricing tool that reflects the individuality of the underwriting team.
- Exposure Management – Psicle can analyse the impact of a potential new risk on the underwriter’s portfolio as part of the underwriting process. Each risk can be considered as part of the wider team strategy, rather than being priced in isolation.
- Collaboration – Multiple users across different teams can collaborate on the same model simultaneously. Each user can create their own experience, with senior management seeing a snapshot of key metrics, graphs and charts whilst underwriters dig into the mechanics of the model and detailed outputs.
- Integration into existing systems – Psicle can integrate directly into source systems and with existing business processes, maximising efficiency and minimising risk.
- Reporting – Psicle’s reporting engines allow users to automatically push output into bespoke formats, significantly reducing the time spent on low-value, resource intensive reporting processes.
- Governance and Auditability – Psicle has a comprehensive governance and audit control framework so pricing models operates in a controlled environment, increasing the credibility of results.