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.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
