The small-commercial insurance market is crowded and competitive. It is difficult to adapt traditional underwriting approaches to the required economics of a volume-based business while also maintaining a high degree of pricing accuracy. Although insurers are aware that data and machine-learning approaches are key, it’s nontrivial to take advantage of all the data that’s out there as well as integrate those insights into both the customer experience and underwriting processes.
In this web meeting, we discuss:
- Our perspectives and hypotheses about where advanced analytics and data collection capabilities are headed
- The types of company-specific and behavioral data that the Cyence for Small Business Workers’ Compensation tool provides after entering only a name and address
- Plugging this data into actuarial models and underwriting workflows to begin deploying the insights