Profitable Predictions

As the personal lines insurance market softens, carriers are turning to predictive analytics to maintain their underwriting discipline.

Mark Gorman cant see into the future, but he believes underwriters working in personal lines will be attempting to predict what the future holds for policyholders. As carriers resume the battle between soft and hard markets, the soft side currently has the upper hand.

The soft market raises issues within insurance carriers regarding discipline and what happens to underwriting discipline in a soft market as [carriers] are pressured to be more of a market follower relative to price to underwriting, says Gorman, strategic research adviser with TowerGroup. Gorman co-authored a recent TowerGroup report with Deborah Smallwood titled Underwriting Effici-ency and Effectiveness Study: State of the Market and Best Practices.

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