Pricing refers to the determination of the premium, or the amount charged to an insured party for insurance coverage. Pricing involves assessing various factors to calculate the risk associated with providing coverage to the insured and determining an appropriate premium amount that reflects that risk.

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Is Insurance a Commodity?

If you focus mainly on price when buying insurance, it might feel like a commodity. However, overlooking active participation and treating insurance protection as an afterthought could diminish its role as a strategic tool for safeguarding your bottom line.