1. Insurance Advisory / Pricing Strategy — Industry Trends & Framework
To advise on insurance (especially in the cyber / risk / nonprofit / SMB space) and set pricing strategies, keep these trends and practices in mind:
2. Insurance Pricing Strategy Recommendations for Obsero
Given Obsero’s focus (nonprofits, small businesses, ransomware advisory etc.), here’s how you might structure insurance advisory / pricing:
Risk Tiers / Segmentation
Segment clients by size, maturity, risk exposure. For example: small nonprofits with minimal IT staff vs. SMBs with some infrastructure vs. larger orgs with high data sensitivity. Tailor insurance quotes by tier.
Modular Coverage & Add-ons
Base policy with essential cyber liability + optional add-ons (ransomware, data breach, business interruption, etc.). This helps clients manage cost, pick what they need.
Use of Data & Benchmarking
Use industry data (claims frequency/severity) to set expected loss costs, then load-in overhead, margin. Use consulting reports and regulatory/insurer published data to benchmark. For example, non-life sector premiums growth, combined ratio trends.
Transparent Pricing & Regular Review
Since risks evolve, ensure policies are reviewed annually; premium adjustments possible. Also disclose what drives pricing (claims history, controls in place, cybersecurity posture etc.).
Cost of Risk Mitigation Packages
Offer advisory packages (e.g. security hygiene, phishing training, system hardening) that reduce premium. Insurers often give discounts if clients have good controls.
Pricing Models
Cost-plus: base cost + margin – simple but less flexible.
Predictive risk-based: use risk scores, analytics to assign premium.
Usage-based or behavior-based pricing: for example, offering discounts if clients maintain certain security standards or report fewer incidents.
Dynamic / experience-rating: adjusting based on claims or changes in exposure.
3. Costing the Website & Company Costs / Salary Model
To figure out how much Obsero needs to charge / budget, you’ll need to cover:
Personnel costs (salaries, benefits, overhead)
Website costs (development, maintenance, hosting, domain, content, security)
Operational costs (licenses, software, insurance, marketing, tools)
Insurance advisory costs (data, actuarial tools, consulting, risk models)
Profit / margin if you plan to make surplus or reinvest.
Here’s a breakdown & sample calculation model.
Sample Cost Components & Estimations
Sample Costing Model
Here’s a simplified annual cost model (values illustrative):
So to break even, your revenues (through insurance advisory + premiums or fees) must exceed ~$360,000 per year (plus margin if you want profit).
4. Putting it Together: Pricing / Fee Structure
Based on costs and strategy, design your insurance advisory pricing as a mix of:
Flat Fee / Retainer: For advisory engagements, risk assessments, policy design etc. (e.g. $2,000-$10,000 depending on size).
Commission or Percentage Fee: If Obsero helps clients place insurance policies, take a percentage commission or brokerage fee.
Premium Mark-ups: If managing insurance directly, you may charge loading over the base risk cost.
Subscription Model: For ongoing advisory / monitoring / updates etc., monthly or annual subscription.
You’ll want to run scenario-analysis:
What if you get 10 advisory clients vs 50 vs 200 ‒ how much revenue from services and fees vs commission.
What is your customer acquisition cost (marketing etc.), how much time/person per client.
5. “Trends to Watch” That Might Affect Pricing & Costs
Inflation on claims, cost of cyber incidents rising.
Regulatory changes (privacy laws, insurance regulation, renewals etc.).
Market competition and the entry of insurtechs.
Customer expectations (transparency, flexible pricing, faster claims etc.).
Technology cost reductions (AI, automation) may help reduce your costs over time.
Sources :
PwC
Inflation, tariffs and flexible pricing in insurance
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Oliver Wyman
General Insurance Pricing Practices
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earnix.com
How to Determine the Best Insurance Pricing Strategy
May 27, 2024 — Learn how to unlock the best insurance pricing strategy with our expert insights. Enhance your pricing strategy for maximum profitability.
Deloitte
2025 global insurance outlook | Deloitte Insights
September 28, 2024 — Sep 29, 2024 — The sector is expected to continue to benefit from deceleration in claims costs because of lower inflation, which decreased to 3% in June 2024 …
Baker Tilly
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For businesses, maintenance costs can range from $35 to $5000+ per month or $400 to $60,000+ annually, influenced by factors such as website complexity, CMS …
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Apr 8, 2024 — The average yearly costs for website maintenance start from $6,000+, and we’ll talk more about it taking only business websites of any …
pwc.com
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Insurance deals more than doubled in the second half of 2024 compared to already strong activity in the first six months of the year.
expertmarket.com
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Mar 20, 2023 — Around $6,715 per year for a small business website. We explain what you’ll need to pay for, how much it’ll cost – and advise you on how to cut …