The Price? Good Question.
Pricing in today’s competitive marketplace
Your underwriters used to have a limited amount of information to sift through to make decisions. The world has gone into information overload, and there’s more valuable data available than ever before. At the same time, your agents and customers demand a faster response for quotes. Studies show the quote-to-bind ratio drops 40+% if you wait 24 hours to respond. How can your underwriters compete if they aren’t armed with the latest technologies to speed up decision-making, take advantage of new data, and still get the price right?
Stuck with old ways to evaluate pricing?
The world has changed. Sophisticated competitors don’t make pricing decisions based on broad-based categories. They take advantage of high-powered, targeted data to pinpoint profitable policies.
Market leaders know what they insure
Advanced analytics puts powerful, real-time insights at your fingertips that show whether you are aligning price-to-risk.
In this example, analytics show how individual policy decisions are positively impacting the bottom line. This insurer is picking up profitable business in the 1-3 range and declining or ‘losing’ risky policies in the 8-10 range.