North American property & casualty insurance carriers currently utilizing predictive modeling continue to see positive ongoing improvements in bottom-line results, according to findings from Chicago-based global professional services company Towers Watson's second annual predictive modeling survey. The conclusions are underscored by the fact that predictive modeling continues to gain momentum among insurers, with most carriers either expanding current implementations or planning new or additional predictive modeling applications, notes the firm.
The web-based survey, conducted in the fall of 2010, targeted 109 executives from U.S. and Canadian property & casualty carriers. Respondents were asked how predictive modeling is being used to support rating/pricing and underwriting/risk selection plans at their companies.
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