The Lambda Software Suite is made up of the following components:
- Rerater: A tool to facilitate product management. Test new rates and rate structures by encoding your entire pricing structure. Inspect the price disruption. Rerate policies and quotes under legacy, current, or proposed. Trial book migration strategies. Process 500k records per minute!
- Modeler: The Modeler provides you with the tools to diagnose your data, examine candidate variables, and train GLM or non-linear elasticity models to predict conversion and retention. Combine elasticity models with the Rerater for a more sophisticated dislocation analysis.
- Simulator: Explore the ramifications of price changes on the multi-period value of your portfolio, by combining elasticity models with accurate pure premium, expense, and marketing information. Model and simulate any number of flexible temporal effects and track the impact of price changes on evolving cohorts. Gradually refine your simulator as new information becomes available.
- Optimizer: What are the optimal changes to your current rating structure given your book’s current competitive position, price sensitivity, and expected costs? You specify your business objective, constraints, and any subset of the levers in your rating order you would like to consider, and the Optimizer generates the optimal rates. Use intuitive diagnostics to identify ’low hanging fruit’ and inspect the shape of the optimization surface. Compare the results of optimized pricing scenarios side-by-side with your best guess.
Get it now: for more information about LexisNexis® Lambda Suite, please call 800.869.0751.