Verisk Insurance Solutions has released the Class Insight ratio, a new capability to help carriers fine tune risk estimation for class-rated properties.
“Rating segmentation enhances competitiveness in insurance,” says Kevin Thompson, president of ISO Insurance Programs and Analytic Services. “Carriers need to know more than just a range of information. They want to segment with the greatest level of precision possible to remain competitive. That's what Class Insight is designed to provide.”
In class-rating, properties that share the same characteristics and features receive the same loss cost, averaged over all risks in that class. Class Insight provides a more precise individual risk evaluation to enhance the class-rated loss cost.
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