How Active Risk Management Drives Better Insurance Underwriting
Getting a better handle on risk reduces premium leakage, which more than pays for the costs of an active risk management program.
Getting a wider view of actual risk means better risk pricing, which benefits loss ratios.
A study shows that identifying previously undiscovered risks could help insurers save billions in premium leakage.
Customers who are negatively affected by active risk management are more likely to leave, while the others may be more likely to remain.
Like regular medical visits, regular check-ins with customers pays off for both insurers and insureds.
