5 Strategies to Drive Underwriting Excellence

A panel of experts at the 2014 ACORD LOMA Forum stated that during this period of meager growth and increased competition, insurers are looking to data and analytics to gain a competitive edge.

In their 2014 ACORD LOMA Forum presentation, “Actionable Analytics at the Point of Decision,” Strategy Meets Action analyst Mark Breading and FirstBest Vice President Steve Robins announced that analytics are gaining a strong a foothold in the P&C industry. According to as-yet-unpublished research, 83 percent of P&C personal lines insurers plan to increase spending on analytics, as do 85 percent of commercial P&C insurers.

Robins and Breading went on to discuss the importance and increasing availability of data for more-profitable underwriting. The pair also stressed that data has a context — a point on which they elaborated by offering a shoe factory, with an excellent safety record, for an underwriting exercise, while withholding the fact that it was adjacent to a bomb factory.

Click through the following pages to learn Robins and Breading’s five strategies to drive underwriting excellence.



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