The global insurance industry is evolving and has leveraged technology to simplify some of the core operations of insurance to achieve profitability targets. Insurers need to identify the following:
Without this data, the focus may defer to low priority areas or increase the insurance premium without due analysis. Unfortunately, this type of strategy negatively impacts both new prospects and existing customers, bringing decline in their existing GWP. To overcome this, insurance carriers need a thorough analysis of their portfolios and adjust their pricing based on risks projected over time.