LexisNexis Risk Solutions has launched Attract for business owners underwriting, a model providing commercial insurers with high match rates and accurate loss prediction of small commercial business owner risks.
LexisNexis says that, by using Attract, insurers are able to improve pricing segmentation and identify profitable market segments within their books of business and prospects.
While insurance carriers typically use business credit for underwriting, the analysis of historical data combined with personal credit attributes of the small business owner has proven to be much more predictive of loss, says LexisNexis. An Attract score ranks commercial insurance risks by predicted loss ratio and/or loss frequency.
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