Proclaiming that insurance is "on the verge of a revolution because the technology and data available to us today gives us power like never before," a top Safeco official said the industry must embrace high-tech, youth and diversity to survive and prosper in the emerging market.
"By using risk-to-rate models and segmentation," both made possible through modern technology, Safeco has "gained a significant amount of market share," said Michael LaRocco, the Seattle-based carrier's president of product, underwriting and claims.
"The use of data technology has been critical for our growth. Huge cycles we previously did not understand how to sustain can now be leveraged and we can give more consistent support to customers," added Mr. LaRocco in a speech earlier this month in New York during the National African American Insurance Association's annual conference.
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