Credit risk scores could give insurers competitive advantage, and a development plan is the way to begin.
With little or no increase in personal lines premiums, carriers struggle to remain profitable in one of the most competitive markets in recent memory. Many carriers look at their internal processes and attempt to lower costs and improve efficiencies. Carriers also look to improve their rating plans, as competitive, profitable rating plans are essential in today’s market. One area of the rating plan getting a lot of attention is credit risk scores. Carriers, especially the personal passenger auto writers, are investing in improving the predictive contribution of credit risk scores.
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