RIA Pricing 2024

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Across
  1. 2. Release 14 Rating Setting
  2. 6. Rate Filings - Completed four rate filings including a NSW model refresh that has not been completed in over 3 years and enhancements to both SA and ACT models
  3. 8. Embedment of the New End-to-End Home Pricing Delivery Model - Over the last 6 months, we designed and implemented 14 Home price changes across EPD & Heritage, continuously refining pricing strategies post R14
  4. 9. Implementing the ‘Early-Shopper’ new rating factor to deliver $9m margin benefit
  5. 10. Over Q2 Pricing Deployment have supported over 22 Pricing changes
  6. 11. Delivering 30% growth in NB sales compared to pre R14 while maintaining loss ratio through delivering sharper pricing. This represents NRMA’s first sustainable growth outcome in years and demonstrates pricing’s ability to deliver material, sustainable growth.
Down
  1. 1. Over Q2 Pricing Deployment have supported over 80 pricing escalations, majority of these were complaints
  2. 3. Proactively seeking pricing opportunities and quickly delivering highly targeted rate changes across EP and Heritage. We have embraced new platforms, tools and techniques to execute quickly, in particular using A/B capabilities and DMR insights to full effect.
  3. 4. Delivery of 26 technical pricing models for the Partner R18 release
  4. 5. Reawakening CTP Pricing Team - There hasn’t been this many pricing experts looking at CTP in over a decade with the CTP Pricing team gaining two new members and PPSE team delivering the EP uplift
  5. 7. Deployed a change to ensure vehicles without a glasses code (NON-NVICs) are depreciated each year for vehicles greater than $2,000