Increase the value of your book of business
There is no doubt that the personal lines industry is becoming increasingly competitive, and all insurers must continually invest and innovate in new underwriting capabilities to keep up.
For almost two decades, personal lines insurers have relied on Fair Isaac's predictive analytics, delivered through industry standard scores and empirical models, to improve the precision of their underwriting decisions.
Now insurers turn to Fair Isaac for a complete set of Enterprise Decision Management solutions that help them:
- Apply predictive analytics to better understand risk
- Use advanced optimization techniques to maximize the value of a book of business
- Standardize and automate underwriting decisions to improve efficiency, expand capacity and ensure discipline
- Gain consolidated access to data to simplify and reduce the cost of underwriting decisions
- Deliver underwriting decisions faster to win more business
The CEO of Progressive Insurance recently stated: "The US personal auto insurance market will continue to consolidate with the top 15 or 20 players growing at the expense of smaller players. Success in the auto sector will increasingly require scale and superior execution in information technology, pricing segmentation, claims handling and brand development."
Which side of this consolidation will your organization fall? Fair Isaac can help not just survive, but also prosper in this environment. For example, by applying Enterprise Decision Management for Personal Lines Underwriting:
- Unitrin Kemper Auto & Home reduced its combined ratio by 8 points in one year
- Auto Club Group of Michigan shifted from 100% manual review of its insurance applications to 99% automated processing
- GEICO introduced advanced predictive analytics and rules to accelerate online quote process, and increased by six times the number of customers completing online application requests
- Malaysia National Insurance incorporated greater intelligence into its call center staff's interactions with customers, reducing cycle time for insurance applications and doubling rates of conversion
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