The main challenge insurers face is that the ultimate cost of their protection is still unknown when it is sold. Insurers promise to indemnify clients if certain events such as accidents happen.
While they can’t know in advance how much they will spend on future claims, they still seek to be both profitable and competitive. A rating program must determine which rates, or prices, will ensure achieving this twofold objective. This paper is intended for stakeholders of Insurance Rating Analytics implementation projects from both IT and business communities. It describes three characteristics of an optimal Analytics solution that supports P&C Insurance Rating activities.
Based on our experience, most Insurance corporations are facing similar issues when it comes to fulfilling their rating programs. It is our belief that the principles and guidelines outlined in this paper will apply equally to your own organization as well.
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By Jean-Stephane Faubert