Since each insurer's pricing algorithm is unique, they typically target specific vehicle classes, geographies and business classes to expand, subject to a targeted measure of profitability. Meeting these business objectives is possible through risk pre-selection. (Photo: Diego M. Radzinschi/ALM)
Innovation in both product and distribution underlies the strength of successful insurance programs, and commercial auto insurers have an opportunity to leverage both as the industry seeks to improve upon a decade of financial losses. While the use of telematics-based products increases, most insurers adopting them remain committed to traditional distribution methods and overlook the substantial benefit of risk pre-selection.
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