Persistent inflation, rising risks, soaring litigation costs, and heightened competition have P&C insurers facing mounting pressure to compete on price amid economic uncertainty. To protect and grow margins, insurers will need to lean into technology investments that give them the insight and agility to write profitable business, optimize efficiencies, maximize customer retention, and control litigation costs.
Underwriting Intelligence: Selecting the Right Risks–and Retaining Them
Improving underwriting and retention performance has always been key to boosting competitiveness, with data and analytics capabilities now critical to putting distance between best-in-class performers and other contenders.
Success in this area requires moving beyond traditional risk-segmentation models and underwriting criteria, toward approaches that leverage machine learning, ML, and predictive analytics fueled by rich data sources to uncover and target the most profitable (or costly) prospects and customers as early as possible. When integrated with a modern insurance platform like Guidewire, that’s where our latest crop of Vanguards come in.
ReFocus AI uses ML-based statistical modeling to enable insurers to maximize retention by identifying who is most likely to leave, up to six months in advance.
