Making the Right Rating Decision More Quickly is a Competitive Advantage to the Insurance Industry - Billy Ormerod, Insurance Account Executive

In the Insurance industry, portfolio development, with the optimal goal of increasing profits for a healthy combined ratio and advanced underwriting is a key component to increasing revenues. Reduction of claims through risk management and fraud mitigation increase your profit by reducing costs. A crucial component in these activities focuses on the actual policies issued. If rated too low or too high, these policies can mean either inadequate funds to pay out claims or the potential of losing business to competitors respectively. Location Intelligence can represent significant gains for insurance companies by improving processes, enhancing competitiveness through customer satisfaction, refining underwriting and ultimately improving your loss ratio. Due to the adoption of Location Intelligence one major Canadian organization saw a 31% improvement in address matching against property valuation models and consequently reduced the need for more costly manual underwriting while at the same time enhancing its decision-making and risk management. So how can Underwriters, Agents, Brokers and Vice Presidents of Property Lines use Location Intelligence to make dramatically better business decisions?

Visit our blog next week as we explain why Underwriters have found Location Intelligence to be the new competitive advantage.