According to the global consulting firm McKinsey, best-in-class insurers are "putting distance between themselves and their competitors" by applying new data and analytics. (Credit: WrightStudio/Adobe Stock)
According to the Insurance Information Institute, the combined ratio for the P&C insurance industry deteriorated last year, increasing from 99.5% to 105.6%.
It is clear that the industry and individual insurers must find better ways to select, underwrite, and price risks to improve profitability. Insurers are continuously challenged with making the right risk selection while balancing the pressures of pricing, retention, and customer acquisition.
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