Auto Insurers Expanding Analytics Use for Pricing
Larger insurers are more likely to use price optimization to increase profitability, and half use segmented demand models; most smaller insurers assume rate changes wont impact customer demand.
INN Breaking News, August 21, 2013
The number of auto insurers that use analytics to understand customer buying behavior and incorporate that knowledge into the design and pricing of insurance products is growing, according to “2013 North America Auto Insurance Pricing Benchmark Survey,” from Earnix, a vendor of pricing and customer analytics solutions for banking and insurance. Results are based on responses from 73 executives and pricing professionals from insurers that sell auto coverage in the United States and Canada.
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