X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

For years, insurance companies have used external data, in or near real time, combined with internal data and powerful analytics to help them evaluate and determine the appropriate tier and rate for policy applicants. This has allowed insurers to quickly and accurately segment risks, using the most current information available about the prospective risk, generally real time, with the customer online, or on the phone.

The leverage provided by this use of technology in underwriting has also allowed insurers to dramatically redefine and improve their processes. Not only has the overall rate-quote cycle time been dramatically reduced, which benefits the consumer and allows the insurer much higher throughput, but the quantity and quality of data obtained in the process has improved, allowing further refinement of risk and segmentation of pricing in an ongoing continuous loop of process improvement.

 

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.