EMB Helps Insurance Companies Stay Ahead Of The Price War With Improved Software
San Diego, CA - EMB, the leading global actuarial and business consultancy, will soon launch the latest version of its EMBLEM statistical modeling software. The application allows insurers to analyze millions of detailed customer records in just a few seconds in order to provide accurate pricing for large and small personal and commercial insurance lines.
Over the last ten years, EMBLEM has become the industry leader for pricing, while also being used for a host of other statistical modeling applications, including credit scoring and marketing analytics. It has an increasingly global presence with 17 of the world's top 20 insurers currently using the application. More than 1,000 individuals across 200 companies rely on EMBLEM on a daily basis.
The updated version of EMBLEM, which will be provided as a free upgrade for current users, delivers improved calculation speeds in response to the increasing volume of data available to insurers in today's market. The growth of Web-based insurance sales, and the move towards analysis at the customer rather than product level, means that insurers need high performance tools to keep ahead of the curve. EMBLEM 4.0 supports larger and more complex datasets and can fit models 40 times faster than competing software applications.
Given the increasing competition among insurers in the property and casualty (P&C) sector, this speed of delivery and heightened visibility into data is especially important. To provide the highest quality service, companies must ensure accurate pricing, a process which requires a quick and easy view of the behavior of policyholders.
"With the combination of a soft P&C market and a surge in the use of price comparison Websites, insurers feel growing pressure to lower rates in order to entice customers. At the same time, they face the challenge of remaining profitable," says Geoff Werner, managing director at EMB America.
"The new version of EMBLEM provides insurers with a tool to help navigate these obstacles. It's been designed to offer the necessary sophistication of customer behavior modeling, handling considerably larger datasets, and ultimately making the process of designing and reviewing models more structured and efficient."
"The increased analytic capability of EMBLEM 4.0 is a real boon to insurance companies. We're now seeing carriers testing multiple models in a single day, which allows for more accurate pricing and faster delivery to market," added Robin Harbage, a C-Counsel consultant for EMB. "That nimbleness has a direct impact on the bottom line for our customers."
SOURCE: EMB