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Safeco Cites Data-Driven Revolution

Proclaiming that insurance is "on the verge of a revolution because the technology and data available to us today gives us power like never ...

By Taylor Mitchell | Updated on March 04, 2005

Proclaiming that insurance is “on the verge of a revolution because the technology and data available to us today gives us power like never before,” a top Safeco official said the industry must embrace high-tech, youth and diversity to survive and prosper in the emerging market.

“By using risk-to-rate models and segmentation,” both made possible through modern technology, Safeco has “gained a significant amount of market share,” said Michael LaRocco, the Seattle-based carrier’s president of product, underwriting and claims.

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