At the heart of the insurance business is the ability to accurately price policies according to risk. Failing to do so poses serious consequences. If a product is underpriced, insurers are more liable and must recoup losses; if a product is overpriced, the company risks losing market share. It’s a delicate balance, and the actuaries responsible must develop complex models leveraging huge volumes of historical claims data, third-party data, and estimation data to get it right.
With Trifacta, actuaries can build better targeted and more accurately priced products by leveraging an intuitive data preparation tool that drives deeper insights. Trifacta has helped companies reduce the process of preparing data by up to 90%, which allows actuaries to spend less time manually preparing data and more time delivering analysis and insights.