Optimizing retail insurance price in Mexico & Russia
This is part of Growth Studies, a a series of articles about how BrightWrite improves yield for partners. We analyze the impact of product development and making Covid attach rate increases permanent, how one of the world’s largest retailers replaced a traditional insurer and increased their warranty book 513% on Day One while another ticketing giant grew theirs 290%, why price optimization has worked for different reasons in Mexico & Russia, Saudi Arabia, the US, and UK & Brazil and the insurance riddle of the Northern Lights.
In this chart, we compare Mexico and Russia. As opposed to a nation like the US, where prices are largely restricted by filings, countries like Mexico and Russia do not have such restrictions, as shown by the large movements in price.
Mexico is a good example of how price decreases can improve yield and total sales. On the other hand, Russia experienced an increase in total insurance sales and yield by bumping up its insurance price.
Product and price experiments conducted at the country level, through platforms such as BrightWrite, generate opportunities for improved yield and revenue.