Towers Watson has released an updated version of its Emblem pricing software.
Emblem 4.2 includes a unique innovative technique that materially enhances predictive models. The "saddle builder" detects interactions between factors that would otherwise be hard to find.
Duncan Anderson, Towers Watson's global P&C pricing and product management leader, comments "We are very excited by how, in pilots we have undertaken in the US and Europe, the new version of Emblem has revealed previously unnoticed patterns in insurance claims and customer behaviour experience. This has allowed the development of improved models that provide a real commercial edge when operating in competitive markets."
Anderson added "There has been much discussion recently around applying machine learning approaches in addition to traditional insurance pricing models. The new version of Emblem brings the key advantages of such methods but within a single fast and robust modelling framework."
Emblem has been developed over more than a decade, helping companies to improve profitability through pricing that is based on a thorough understanding of risk and customer behaviour. There are now more than 1,200 users among non-life insurers worldwide, while several leading life insurers have also started to apply Emblem models to enhance mortality analysis.
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