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Getting a step ahead of your competition

Getting a step ahead of your competition
03 July 2015

Insurers have found that by being able to merge insights from third party data suppliers provides a much better view of how great the risks are to their business and how to mitigate them accordingly. In Western Canada, personal lines property insurance has struggled to achieve profitability which is triggering the use of analytics to improve loss ratios and lower loss costs. A US study found that insurers with by-peril rating plans had loss ratios 7.4% lower than companies with traditional rating plans. Tools like Opta’s Peril Score™ are changing the landscape of predictive analytics for the entire P&C industry. Greg McCutcheon, President of Opta, provides further insight on managing risk effectively using peril based rating in this comprehensive whitepaper.

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