Services
At Ockastic, we offer a number of services in addition to our pricing software solution. Here are some examples below:
Pricing & Underwriting
Robust pricing and underwriting is one of the keys to writing profitable insurance business. At Ockastic, our view is one should aim to do as much underwriting as possible at point of quote, with follow up intervention where appropriate.
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We can help review your approach to pricing and underwriting. We can deploy resource to:
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Perform business as usual pricing
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Deliver specific pricing & MI projects
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Augment underwriting process via the use of data
You may have noticed that we don't mention the term 'retail optimisation' in our product suite. There is a very profound reason for this. ​Get in touch to find out more and how we do optimisation differently.
Reserving Opinion
Reserving sits within the heart of an insurer, it effectively encapsulates the claims operation in numbers.
Complimentary to this, a sound understanding of your reserves enables the solid foundation required for appropriate pricing.
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Increasingly insurance boards are being asked to justify the reasonableness of their reserves. In addition to your external auditor's review, we would be happy to provide you with an independent review of your reserves. Our analysis ranges from providing insight into claims inflation at peril level, to levels of operational consistency and sensitivity analyses of claims ultimates, giving increased credibility from a regulatory Actuarial Function Holder perspective.
Data Enrichment
Data enrichment is an effective way to increase profitability via better risk differentiation.
Its not just having enrichment data, the devil is in the detail of what you do with it. Enrichment can be both internal and external, we have extensive experience in pioneering market leading enrichment solutions for better pricing, improved risk validation at point of quote, and increased fraud detection.
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We have relationships with multiple providers of statistically proven data enrichment sources, across person, household, vehicle, claims and fraud data providers. We'd love to help you realise improved risk segmentation across your portfolio using robust retrospective analyses. Get in touch to discuss this further!
Footprint Expansion
Putting fraud and moral hazard to one side, there is a right price for every risk! We have proven experience of writing 100% of the UK Motor market at market leading loss ratios over a sustained period of time.
We understand that writing new areas of business creates uncertainty, so having an appropriate approach to risk management is key. We can help you with data-led pricing, feedback loop MI and operational process validation to help grow your distribution capability in a controlled & profitable manner.
Senior Management Approach
A Senior Management Team can only maximise its capabilities by having the right data presented in the right way, joining all parts of the business together to ensure effective risk management.
With in-house experience of running an extraordinarily profitable UK motor account, we can help in several areas. We can review your current approach, advise you on the detail of the reports we'd expect to see, how they should interact with each other, and therefore give you finger-on-the-pulse tools to discuss the most important issues within your business as they arise using a data-lead approach.