The platform within XCover that optimizes for any goal.
BrightWrite is a data analytics and experimentation framework built into our XCover and RentalCover distribution platforms that optimizes toward any goal that our partners want, focusing on Total Transaction Value rather than just insurance yield.
BOOST YOUR TOTAL REVENUE
When it comes to buying protection, your customers want to see the most relevant policies based on their purchase behavior. At the same time, your business wants to offer the price that will lead to the highest yield.
By identifying the optimal price and product combination in real-time for each individual customer, our BrightWrite data analytics service lets you deliver the tailored experiences your customers want while ensuring your business benefits from the highest conversions to maximize ancillary revenue.
THE POWER OF BRIGHTWRITE
Sales fed into BrightWrite’s optimization engine
Product recommendations are made per day
Price experiments run
Partners relying on BrightWrite for ongoing optimization
HOW BRIGHTWRITE WORKS
It includes an API for pricing that takes into account real-time data that’s collected via the API, but also historical data for individual users. Similar insights drive its recommendations for products.
For instance, if a customer has previously opted out of a product like Travel Medical or Cancellation Insurance which may not cover pre-existing medical conditions, BrightWrite may serve a policy for older demographics that does. If the customer is young it might offer our Global Doctor product instead.
We always collaborate with our partners to agree on experiment designs that back our joint hypotheses, which are then executed through BrightWrite.
Partners can tell BrightWrite when to run an experiment so it doesn’t clash with their own split testing, and they can also design their own experiments for deployment through the platform.
THE BENEFITS OF BRIGHTWRITE
An advanced experimentation framework, BrightWrite uses Bayesian machine learning techniques to identify experiment winners much faster than traditional statistical models.
To serve the most relevant product to every customer, BrightWrite uses human optimization strategies and neural networks to dynamically recommend policies where appropriate. Next, reinforcement learning algorithms test different models using datasets from the world’s largest online companies. As a result, you get optimization benefits of more than 20% per annum.
To deliver the highest yield for your business, BrightWrite’s dynamic pricing module uses machine learning to incorporate price elasticity, seasonality and customer purchase and behavior history, enabling optimized pricing based on individual behavior and market demand.
BETTER TARGETING, LOWER RISK
BrightWrite uses segmentation and micro-targeting for a hyper-focused approach, as well as correlations for hundreds of cohorts. Plus, by identifying correlations and signals in the multivariate noise, BrightWrite continually improves predictive models while mitigating risk.
WANT TO FIND OUT MORE?
Get in touch and discover how our global insurance distribution platform can help grow your business.