Predictive Modeling Usage Up for P&C; Strategies Remain Incomplete | PropertyCasualty360
Alternative Risk Transfer (ART) serves commercial insurance buyers
“Perhaps data, people or cultural challenges are a factor, or some are only applying data-driven analytics when an area is underperforming. Whatever the reasons, a compelling case can be made that well-executed predictive modeling provides better pricing guidance to underwriters,” Stoll said. The survey reports that nearly all carriers experienced favorable bottom-line results because of predictive modeling, creating positive impacts on rate accuracy, profitability and loss ratio improvement. Survey findings reveal that a commitment to predictive modeling is more than just building and applying technical models. Improved communications concerning the measurable value that strategic application that predictive modeling offers to all key stakeholders is imperative for effective implementation and integration.
via Predictive Modeling Usage Up for P&C; Strategies Remain Incomplete
Join the Conversation on Linkedin | About PEO Compass
The PEO Compass is a friendly convergence of professionals and friends in the PEO industry sharing insights, ideas and intelligence to make us all better. All writers specialize in Professional Employer Organization (PEO) business services such as Workers Compensation, Mergers & Acquisitions, Data Management, Employment Practices Liability (EPLI), Cyber Liability Insurance, Health Insurance, Occupational Accident Insurance, Business Insurance, Client Company, Casualty Insurance, Disability Insurance and more.
To contact a PEO expert, please visit Libertate Insurance Services, LLC and RiskMD.