Actuarial Pricing: Product Pricing Strategy in Insurance

ACTOMATE

ACTUARIAL PRODUCT PRICING STRATEGY

Our solution is designed to help businesses develop competitive products and optimize pricing strategies that drive higher sales and business growth.

We provide experienced actuarial resources to support companies in launching new products, refining existing offerings, and ensuring pricing sustainability. We can provide all or most actuarial work for companies without adequate resources to support the product and pricing initiative.

Our approach combines actuarial expertise and a dedicated product committee, with a flexible working model where we can perform our work using a combination of our proprietary pricing model and existing infrastructure of your company.

product development

develop or review product design and benefits
research and identification of target market
customer suitability assessment
prepare or review product specification
project management
plan and oversee entire product initiative
project planning
progress monitoring
status reporting
competitor benchmarking and analysis

pricing

experience analysis and review
develop key pricing assumptions
determine premium or contribution rating factors
develop and propose premium or contribution rates
profit testing iterations with cash flow model
sensitivity testing and analysis
product documentation for internal approval and regulatory filing
develop or review actuarial related contents in sales illustration, marketing brochure, policy contract, and product disclosure sheet
product risk management
identify product’s key inherent risks
develop risk mitigation and management measures
develop or update existing pricing policy
develop, review, and audit pricing processes
user acceptance test for system implementation

financial projection

business planning
business plan projection
financial projection
financial impact analysis
assess capital adequacy
analysis of capital required
embedded value calculation
measure of return to policyholders and shareholders

Practice Leader

PRACTICE LEADER

Nadia is an Associate Actuary and she is the Country Lead for Indonesia at Actomate. Nadia has over 4 years of experience in product development, product pricing and financial projections in life insurance, family takaful (Syariah life insurance), medical insurance, life reinsurance, health reinsurance, group employee benefits as well as for insurtech startups.

Nadia has led pricing projects in Malaysia, Indonesia, Cambodia and Myanmar, for multinational and local insurers. She is familiar with local regulatory requirements and internal requirements of large multinational insurers, including IFRS 17, market consistent embedded value (MCEV), traditional embedded value, Risk-based Capital (RBC) and many others. Nadia is proficient in Excel, Visual Basic for Applications (VBA), Prophet, Data Conversion System (DCS) as well as R. Outside of product pricing, Nadia also has experience in actuarial modelling and actuarial valuation of employee benefit schemes, life insurance and general insurance.

Nadia is also proficient in robotic process automation (RPA). She has developed an automated life insurance valuation routine using Automation Anywhere, applying the latest technology and innovation.

Nadia graduated from UCSI University in Malaysia with First Class Honours in BSc Actuarial Science. She is an Associate of the Society of Actuaries (US) and studying towards attaining Fellowship of the SOA. She is a fast learner and is always keen to learn new things. Her organizational experiences have developed her strong communication, time management and problem-solving skills.

Nadia Suharto

ASA

Country Lead, Indonesia

What does an actuary do?

Actuaries are problem solvers and strategic thinkers who use their skills to help measure the probability and risk of future events. Businesses and industries increasingly depend on the skills of actuaries and analysts to help them model and plan for the future. As the world changes at an increasingly rapid pace, risk management expertise can help businesses navigate this evolving landscape.
How does actuarial consulting benefit my business?

Actuarial consulting helps businesses make smarter decisions by assessing financial risks and uncertainties. Using historical data and statistical models, actuaries analyse outcomes, refine strategies, and support long-term financial stability. Their expertise is key in insurance, pensions, investments, and business planning, improving profitability and reducing risks.
I’m not sure if you can help me with the business problem, what should I do?

You can share the details of your issue by filling out the form on our Contact Us page or reaching out to us via WhatsApp. From there, we’ll gladly arrange a call to discuss further.