By combining Montoux’s transformational decision science platform with PwC’s advisory expertise in developing better products and processes and managing change, the partnership is able to provide life insurers a holistic approach to enhancing their product development, transforming their pricing function and tackling in-force management challenges.

The UK life insurance market is extremely competitive with insurers frequently changing prices in an attempt to gain competitive advantage. Many life insurers are looking to transform their front office capabilities to improve business performance through innovating in their product, distribution or pricing strategies.

They are looking to deploy advanced data science and optimisation techniques to better understand how market segmentation and customer behaviour affects sales and profitability. Insurers are also looking to upskill teams, upgrade technology and streamline operations, but this remains a work in progress for many.

The life insurance industry is going through a period of rapid change, enabled by emerging talent, technology and accelerated by increasing customer appetites.

The partnership between PwC and Montoux will enable life insurers to gain access to a wider set of levers and opportunities to accelerate growth and competitive advantage.

Ewen Tweedle, manager and product and pricing lead at PwC, said: “Embracing new technologies and delving deeper into data can unlock real value in the pricing team, allowing for more rigorous pricing exercises to be carried out more regularly and more efficiently. While most insurers understand the value of deploying more advanced data science and optimisation techniques in their pricing processes, many consider their implementation daunting, or are facing challenges from legacy systems and architecture.

“PwC’s experience in advisory services provide the opportunity for insurers to transition to an improved pricing process safely, quickly and efficiently, utilising Montoux’s data driven decision making capabilities to generate maximum value.”

He added: “Montoux has been supporting some of the world’s largest life insurers with our decision science platform. Montoux combines deep actuarial and data science expertise with machine learning driven automation, helping identify where value can be created and embedding this in a technology-driven approach which is repeatable and cost efficient.

“PwC’s actuarial and change management expertise alongside Montoux’s technology enables clients to create and implement a clear roadmap to turning their pricing function into a source of competitive advantage” Shelley Cox, Chief Customer Officer and Head of UK Market.”