Support a key client to adopt a ‘fast follower’ pricing strategy in the context of key market changes, such as the introduction of the FloodRe levy & the Ogden rate changes.
Worked with Head of Pricing and Commercial Managers.
Careful monitoring of market and key competitor price increases or decreases. Daily reporting of competitive premiums changes, key competitors’ strategy, and the clients’ brands’ market position.
In the case of both market events (FloodRe and Ogden), the client matched their own pricing action to a peer group of competitor brands, thus minimising the impact on their new business competitive position on aggregators.
We modelled the impact of this advice around the introduction of the FloodRe levy with the client’s input.
Our weekly insight service helped the client optimise the timing of budgeted premium increases. Post this 2-month period, the client confirmed that this had likely led to a gain of c.3k new business sales & £321k of GWP over 2 months, and help prevent over-exposure to segments as the market inflated.