Advanced analytics and the art of underwriting
Transforming the insurance industry
It has always been understood that detailed underwriting is the foundation to a profitable insurance business. However, with recent catastrophes impacting carrier loss ratios, there has been a return to underwriting basics and the development of new tools to improve the accuracy of pricing in the industry.
This Global Deloitte ‘Point-of-View’ analyses some of these new tools, such as data mining and predictive modeling, and looks at how insurance carriers can use these tools to improve pricing and segmentation, and as a result enhance their underwriting profitability.
The ‘Point-of View’ addresses:
The business problem behind successful underwriting
The predictive modeling process that can help
The business value of adopting these models
How to implement a data mining solution
For further information in Australia, please contact Caroline Bennet, Partner.