Redefining insurance pricing in the digital transformation age
Digital transformation is on the rise in the insurance sector, with property and casualty (P&C) insurers, regulators, and other market participants across Canada prioritizing their investments in becoming digital.
This evolution—implementing automation, powerful machine-learning models, and open-source software—will profoundly affect how insurers price their products. And they can’t do it alone: teams of actuaries, data scientists, and IT specialists are joining efforts to redefine insurance pricing, with sophistication as the top objective.
Deloitte’s flexible software platform, RateCloud, addresses current challenges in ratemaking and rate filling, thus helping insurers streamline complex processes from end-to-end. RateCloud improves efficiency, simplifies every step of the pricing process, and eliminates the possibility of human error.
As a fully customizable solution, RateCloud not only runs in parallel to traditional pricing software, it also enhances in-house solutions or can even function as stand-alone pricing software.
Read our full article to discover the benefits of our RateCloud solution
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Deloitte IFRS 17 specialists are committed to helping insurers of all sizes design pathways to implement the new standard.