(Image source: Pixabay.)
Pacific Life (Newport Beach, Calif.) has selected iPipeline’s (Exton, Pa.) InsureSight case analytics, with Atidot’s (Tel Aviv) predictive analytics models, to analyze the impact of product and pricing changes based on prior sales performance and industry data. The ability to predict future performance based on product selection, producer group, producer, location, demographic, and other critical factors will enable Pacific Life to adjust its product, pricing, or distribution strategy dynamically to optimize market penetration, according to an iPipeline statement.
“Given the current state and rapidly shifting buying trends, we were seeking a predictive analytics solution to help us drive future product performance in the marketplace with a high level of confidence,” comments Mary Bahna-Nolan, SVP, Head of Product Innovation and Strategy Life Insurance Division, Pacific Life. “The iPipeline/Atidot predictive analytics models cover multiple dimensions of our business, and we expect this to provide valuable guidance immediately after implementation. We are excited about enriching our analytics with new, actionable insights to guide our decisions, minimize risk, and optimize efforts to grow our business while better serving the needs of our customers.”
Stepping into the Future of Product Design
“Pacific Life is clearly stepping into the future of product design and pricing with the implementation of InsureSight case analytics and Atidot’s predictive analytics models,” comments Larry Berran, CEO, iPipeline. “Based on the results, they will be able to optimize market penetration on demand.”
iPipeline claims that its approach to predictive modeling is unique in that it leverages its independent channel data for competitive benchmarking, which it describes as the most comprehensive and current private database in the industry. “Insurers like Pacific Life can now gain newfound visibility and insights into the business it puts on the books and current market trends to drive their success and build market share,” Berran asserts.
“Insurers need to implement next-gen solutions that enable them to immediately understand buyer and market dynamics,” comments Dror Katzav, CEO and Co-Founder, Atidot. “We live in a volatile environment and buying preferences can change overnight. By using our predictive analytics models together with iPipeline’s case analytics, Pacific Life will gain deep insight into the competitive carrier landscape. Given the fallout from COVID-19, this solution is one of the best ways to navigate in real-time the uncertainty in today’s selling environment.”