Does the insurer have the appropriate capability with management information systems, statistical methods, software tools, and financial analysis tools available to the right people?.

This could be seen as the foundation upon which pricing is built. Without strong foundations, the pricing process starts with a huge disadvantage.

The platform includes the data warehouse and reporting tools, but specifically for pricing are:

• KPI Dashboards for monitoring performance
• Claims and Expense analysis and modelling
• Elasticity analysis and modelling, and
• Financial simulation and optimisation tools

This topic also addresses the need to have consistent, comprehensive and accurate data to underpin the modelling and analysis. This includes both internal data and incorporating external data.