In 2017, 62% of insurers incorporated predictive analytics into their underwriting, according to the "2018 Outlook Report" from Valen Analytics. The majority of insurers are utilizing data-driven approaches to better understand their risks in underwriting commercial business.
But the business advantage of analytics enjoyed by early adopters can mistakenly be viewed as less valuable today, as more companies catch up.
Insurance companies with "first-mover advantage" must now tighten their underwriting practices and guidelines around predictive analytics, taking a fresh look at their models to retain and enhance their competitive position.
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