Competition in the insurance industry is fierce, and the professional liability segment is no exception. Sixty-eight percent of insurers surveyed agreed that predictive analytics had a positive impact on increased sales and cross-selling, and 41% reported that predictive analytics helped reduce underwriting expenses and claims costs. However, predictive analytics also enables brokers and agents to provide their insureds with faster and improved service.
We recently spoke with Daniel Mogelnicki, SVP for Underwriting - Professional Lines at Tokio Marine HCC – Cyber & Professional Lines Group, about the use of predictive analytics in professional liability. He explains the impact that it has on pricing and risk assessment and why this technology will become more widely used in the future. To learn more, hit play.
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