How is your Underwriting Team performing?
Now this is a million dollar question! The underwriter’s performance determines the premiums that you get and hence impacts the business profitability. It’s a fine balance so that you don’t overprice your premiums and become unattractive and at the same time do not underprice and expose yourself to risk. While underwriting quality is important, productivity is also of critical importance. Superior productivity would mean shorter TAT, faster policy issuance and hence increased customer satisfaction. GrayMatter’s Insurance Analytics (IA+) solution provides... Read More
Growing Frontiers in Insurance Business
Insurance business is growing at a very fast pace in Asia and is expected to increase even further over the next decade. This could be further driven by tapping relatively uncharted territory like insurance for infrastructure projects including Construction and Erection All Risks (CEAR/CAR), Engineering Procurement Construction and Commissioning (EPCC), Delay in Start Up (DSU), Third Party Liability (TPL), Contractor’s Plant and Equipment (CPE), Workmen’s Compensation, Professional Indemnity, Employer’s Liability, Environment Impairment Liability, Business Interruption, Mechanical or Electrical Failure etc.... Read More
Predictive Analytics for Insurance Company
The application of Predictive Analytics for Insurance Company is for the core insurance functions of marketing, underwriting and claims can provide meaningful benefits to insurers. The greater availability of data, technological advances, and pressure to maintain competitive advantage has seen insurers leverage predictive analytics to make informed decisions. Marketing Analytics: Increasing Hit and Retention Ratio Predictive Analytics for Insurance Company can be used to market insurance products and services more efficiently. Let’s examine this from the context of a hit... Read More
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