P&C insurers are doing a good job understanding the value of and building capabilities for predictive modeling. That's according to the 2016 Predictive Modeling Benchmark Survey (U.S.) from Willis Towers Watson, released this week.
The company says that two-thirds of P&C insurers surveyed currently use predictive models for underwriting and risk selection, a 10% increase year-over year. While companies across business lines tend to agree "about the fundamental importance of using more sophisticated predictive techniques to drive success in today’s market," commercial lines insurers tend to indicate greater interest on expanding their capabilities.
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