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Premium Projection: AI-Led Approach to Drive Profitability

Premium Projection: AI-Led Approach to Drive Profitability

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Premium Projection: AI-Led Approach to Drive Profitability

GOAL

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:

  • Which lines of business to focus on by geography
  • Their current GWP status (based on different attributes) and the forecast
  • Projections of new prospects and existing customers
  • The segments necessary to focus on for price optimization

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.


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