We have developed our expert and innovative pricing knowledge through substantial experience in pricing the reinsurance risks that we take on. This knowledge can be utilised to support various aspects of your pricing work and development.

Optimised Retail Pricing 

UK & Ireland Life is a valuable and engaged partner in accurately assessing risk.  We provide comprehensive experience data, flexible modelling tools, in-depth analysis and benchmarking of your pricing models. Our granular analysis is underpinned by the Munich Re Group's global knowledge of morbidity and mortality trends. Using these tools, our experts can examine pricing models and assumption sets.  By using our own direct office profit test model together with our views on insurance pricing assumptions, we:

• Challenge the pricing assumptions by using our data asset to propose data-driven alternatives
• Identify and correct modeling errors
• Break down profitability to a more granular level, allowing you to see exactly which policies make money.

Predictive Underwriting

We can help you tailor your direct to consumer proposition to much more granular customer segments. Successful implementation of a predictive underwriting strategy will give you:

• A more profitable balance between the length of the underwriting process and take-up rates
• Products and processes that are more attractive to each customer because they are tailored to their needs, profile and preferences
• A compelling proposition for your distribution partners that will help you win new channels and build long-term value with existing partners
• Greater sales volumes and profits.

Postcode Pricing

We have postcode related claims experience for tens of thousands of claims. By purchasing and analysing geo-demographic data, we have produced bespoke postcode segmentations for different product types, such as term assurance and longevity.  These generate substantial differentiations in mortality between each group.

This helps us offer the most accurate and competitive reinsurance prices, but there are many further potential uses.  For example, we can use our postcode pricing work to:

• Help you understand the quality of your key distributors allowing you to target distributors with better quality business
• Quantify the price impact of using postcode as a direct rating factor to the end customer
• Predict non-disclosure and target improvements where they will make the most difference
• Improve the profitability of your direct marketing campaigns by allowing for mortality variation when pre-selecting applicants.

Contact Us 

Our business development team will always be receptive to discussing your business requirements. Please contact your Business Development Manager or you can get in touch through our Contact Us page.