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Price optimization solutions maximize revenue through science, with artificial intelligence, machine learning, predictive analytics and big data to craft a wide swathe of pricing options, said Constellation Research Founder and Principal Analyst R Ray Wang.
Insurers that fail to do so and are later determined to have used price optimization or elasticity of demand or failed to disclose such use to the Commissioner may be subject to disciplinary action," the bulletin states.
Some might argue, as the Insurance Information Institute (III) does, that there has been an "absence of consumer complaints" about the use of price optimization, which relies on myriad data to predict not just how an individual might drive but also how much he or she might pay for insurance before reaching the tipping point and deciding to look elsewhere.
Because such factors are said to be unrelated to the risk of loss, price optimization "can result in two policyholders receiving different premium increases even though they have the same loss history and risk profile," according to the Vermont bulletin.
This is a common sentiment among retailers initially entering the price optimization arena, particularly early adapters such as Van's.
Other early adopters are not telling their competitors just how effective their price optimization applications have proven to be, but their chief executives are talking about it to their non-competing peers," he adds.
We are honored to be included on the Constellation ShortList for Price Optimization, and we appreciate the role they play in helping technology buyers make informed decisions.
The software services included in DemandTec Lifecycle Price Optimization are Everyday Price Optimization, Everyday Price Management, Promotion Planning & Optimization and Markdown Optimization.
While category managers may argue that there is an art to pricing, more and more are relying on price optimization software to ensure that they have the most competitive pricing strategy.
By eliminating inefficiency, overdiscounting, and inconsistent application of pricing policies, price optimization can improve bottom-line results without strong-arming customers.