Constellation considers the following as threshold criteria for Price Optimization
Connecticut is the 16th state to prohibit the practice of price optimization
The National Association of Insurance Commissioners (NAIC) said in an email to Investment Advisor that the lack of a "uniform definition of price optimization
" is an issue it is dealing with, although it added, "It is expected that the NAIC will provide a definition of price optimization
and adopt a recommendation to states about what is considered to be unfairly discriminatory.
One could argue that explicit regulation regarding price optimization
is unnecessary, given that most states have language in their insurance law prohibiting rates that are "inadequate, excessive, and unfairly discriminatory.
Indeed, based on the success Van's has had with price optimization
, Cannon is eager to explore the benefits of Revionics' promotion capabilities as well.
That was certainly true before, but today's price optimization
solutions can even help quantify and monetize customer touch.
tools help retailers set the right price at the time an item is added to the mix.
The bottom line is that it is not a tradeoff between relying on the business knowledge of the people who are in the trenches and using price optimization
software," says Todd P.
The improved visibility and reliability of price optimization
can reduce reliance on long-term contracts to provide stability in complex markets.
Contributing to Revionics market-leading position is its unique ability to deliver life cycle price optimization
solutions - base pricing, promotion, and markdown planning and optimization - to a broad range of retailers of all sizes, tier one, two and three.
Under the price optimization
methodology, insurance companies can use a vast range of non-cost based factors as a basis for increasing premiums.
The recession has been a boon for price optimization
vendors, as more and more retailers look to them to help develop new pricing strategies for cash-strapped consumers.