Commercial Carriers Eliminate Blind Spots to Reveal an Additional $25 Million in Incurred Losses
See what you may be missing in your book of business
Prior losses can be a strong indicator of future risk. Unfortunately, many commercial carriers don’t have the visibility into the prior loss history they need to make this assessment. This leaves carriers vulnerable to common “blind spots” that may impact their ability to more effectively assess risk and improve overall profitability.
However, new automated loss run capabilities can help carriers eliminate common blind spots that can negatively impact business results.
To prove the benefit of automated loss runs, we ran separate tests with seven carriers in which we searched for prior losses on risks they had previously bound. The test results revealed the following common blind spots:
- Moving bad risks across the insurer’s own companies
- Assuming “clean” risks
- Missing risks with large loss history
- Searching only on business claims history