More than three-quarters (76%) of personal lines carriers surveyed recently said they view sophisticated predictive modeling techniques and tools as essential to pricing products more accurately, according to a survey conducted by Towers Perrin, a Stamford, Conn.-based risk management consultancy.
However, while only 56% of standard commercial carriers said it was important, that group of insurers is taking a closer look at predictive modeling’s advanced statistical modeling techniques that use critical data related to individual policyholders, competitors, marketplace conditions and customer behavior, to determine optimum pricing levels.
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