The use of predictive modeling is allowing standard auto market insurers to grab more business that previously would have been handled by the nonstandard carriers, according to a new study.
The findings were made by Hartford, Conn.-based Conning Research and Consulting in a report entitled: “The Nonstandard Auto Insurance Market: Evolutionary Challenges.”
Conning said one impact it expects to see as a result is consolidations in the segment, which it describes as a volatile market, characterized by rapid inflows of capital and competitors when times are good, indicative of low barriers to market entry.
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