Carriers that don't employ sophisticated analytics and underwriting models with unlimited numbers of variables could be extinguished by their competition, a key insurance executive told an industry conference yesterday.
Frank J. Coyne, chairman, president and chief executive officer of Jersey City, N.J-based Insurance Services Office Inc., made his comments in remarks at the ISOTech, technology conference in Kissimmee, Fla., his company reported.
Currently, he said, "sophisticated insurers are using models based on credit information and territory or ZIP code level data, but visionary insurers will soon be using models based on hundreds and even thousands of variables for individual addresses."
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.
