In an ultra-competitive P&C insurance market, effective use of predictive analytics helps insurers retain their existing policyholders. That’s according to the “2014 Predictive Modeling Survey” by professional services company Towers Watson.
Fifty-five percent of the 52 P&C insurers surveyed said predictive analytics had helped them renew customers, according to the company. Overall, insurers see positive results from predictive analytics technology on both the top line and bottom line. Profitability (87 percent), rate accuracy (98 percent), underwriting appetite (46 percent) and market share (41 percent) were among the metrics that showed marked improvement, according to survey respondents.
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