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A Precision Based Approach to Revitalizing a Book of Business

A Precision Based Approach to Revitalizing a Book of Business
17 September 2015

 

Throughout Western Canada, underinsurance remains a growing concern, with 65% of existing homeowner policies underinsured by an average of 25% (based on Opta total loss studies). Given that Guaranteed Replacement Cost prevails in most property insurance policies, the insurance companies remain financially responsible for funding the insurance to value (ITV) gap. There are many reasons for inadequate insurance coverage but regardless of the cause it is critical to recognize when your business is underinsured, to understand the associated risks, and to take the necessary actions to revitalize your book.

Opta, architects of the iClarify™ valuation tool, provide a unique approach to addressing the problems associated with ITV by identifying concerns on a risk-by-risk basis to determine where the most likely and most severe losses will occur. Leveraging its iClarify™ and Peril Score™ analytic solutions, Opta helps insurers transform their unprofitable book of business by surgically targeting and re-rating the risks that are most negatively impacting results. This precision-based approach provides a better understanding of the risks your portfolio faces and allows clients to collect proper premiums on heavily under or over-insured properties. You can also adjust price premiums based on by-peril exposure, understand the likelihood and severity of a claim, and apply targeted underwriting action to improve return on investment.

 

The Research

A recent total loss study was conducted for Western Canada using 44 losses. As shown, 65% of these properties are underinsured by an average of 25%.



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