Case Study: CosmosDirekt achieves smarter insurance pricing with Posit Workbench from Posit PBC

CosmosDirekt streamlines smart pricing across 20-year contract modeling with Posit Workbench

CosmosDirekt, a part of Generali and one of Germany's largest insurance companies, sought to move beyond traditional actuarial pricing methods. Their challenge was to develop a more comprehensive "Smart Pricing" strategy that could incorporate factors like customer demand, contract duration, and price sensitivity to set more competitive and accurate premiums. To achieve this, they partnered with vendor Posit PBC and utilized their product, Posit Workbench.

Using Posit Workbench, the team at CosmosDirekt built a robust data science foundation that employed classification, regression, and survival analysis techniques. The solution streamlined their workflow by allowing the use of multiple R versions with renv for stability and enabling data scientists to run multiple sessions for increased productivity. Models were deployed by converting them to PMML for integration with their actuarial pricing suite. While specific quantitative results are not provided in the text, the implementation delivered substantial value-added outcomes by enhancing their pricing methodologies and providing highly competitive, segment-specific pricing.

CosmosDirekt