Head of ProductWriter, Martin Thornhill, outlines how insurers can leverage data science and machine learning to transform underwriting and pricing strategies using ProductWriter.
Our market-leading rating engine, ProductWriter, has a proven track record of being reliable, scalable and flexible to work with the needs of our customers. Millions of insurance quotes are generated everyday via ProductWriter.
With ProductWriter, underwriters and pricing teams can leverage the power of machine learning solutions and data enrichment sources to improve their loss ratios and optimise their pricing in the marketplace. This capability positively impacts numerous parts of the value chain, from customer acquisition to claims handling.
Organisations need reliable technology with accurate interpretability of machine learning outputs along with protection of their intellectual property, whilst distributing and quoting at scale.
ProductWriter has the capability to overcome these challenges and provide a comprehensive solution for its users.
ProductWriter supports sophisticated actuarial modelling applications and machine learning services that can be used through high volume distribution channels.
Our rating engine does more than just price insurance risks. It also delivers underwriting decisions, the output of terms & conditions and creation of insurance documents, all configurable in a low code solution. Insurers can quickly make rate changes in conjunction with machine learning and enrichment for real-time pricing. ProductWriter allows underwriters to quickly adapt to market changes and move these pricing decisions through to workflow production.
ProductWriter has been empowering underwriters to build, control and distribute insurance products for nearly 30 years. During this time our market-leading rating engine has been at the forefront of adopting innovative technology trends.
The ProductWriter Toolset is delivered as a cloud service with a low code interface designed with business users at heart.
The ProductWriter rating engine is scalable allowing organisations to manage high quote volumes with optimal response times. Its ability to enrich risk data at point of quote using API- enabled and automated processes allows insurers to take full advantage of numerous data sources and machine-learning models.
Polaris has unparalleled insight into the evolving landscape of insurance pricing practices, product definition and digital distribution, with our services used by over 100 insurance organisations including two-thirds of the leading UK insurers.
Annually, we at Polaris benefit from more than 1,000 hours of insight from the various industry advisory groups that we manage. Uniquely owned by the insurance industry, we feed that insight into our investment strategy. Our products and services are therefore enhanced for the benefit of the insurance industry as a whole.
Want to find out more about ProductWriter? Contact the team – [email protected]
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