MSB has identified six areas that property insurers' need to act upon to help fuel measurable improvements in profitability:
- Leakage--from coverage/premium inadequacy and claims leakage
- Sales channel performance
- Risk selection
- Loss prevention/loss mitigation
- Pricing accuracy
- Lack of policy count growth
To diagnose potential performance concerns and opportunities in those areas, InFocus Solutions segments books of business by loss ratio, loss costs, retention, frequency, severity, ITV coverage adequacy, and distribution channel performance. Within each segment, InFocus Solutions identifies the variables that are driving the results and allows the insurer to complete root-cause analyses down to the policy level.
MSB's InFocus Industry Benchmarking solution enables carriers to compare their books to the rest of the industry while analyses on property profile distribution and coverage adequacy generate actionable insights into insurers' books. Driven by innovative solution design, the above analyses can be completed within 60 days or less with minimal involvement from insurer IT resources.
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