The insurance business is where the theory of risk meets the reality of reward or ruin. In that light, success shines on those with the best and brightest underwriting. Knowledge and insight are the essential elements for proper risk-based pricing, while listening and learning are needed to retain happy customers and attract new ones. Competing on more than price is the next level of profitable growth. However, for the majority of companies today, getting to the first step of pricing accurately is a strategic necessity. Fortunately, even for small carriers, pricing is a solvable problem with the right data, resources and staff. But it takes something special to thrive.
Getting pricing right is a good starting point for insurers, even as continuous improvement and smart execution is fundamental in insurance operations.
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