In the pursuit for improved profitability in commercial property and casualty insurance, carriers aim to create a complete picture of each proposed insured’s loss history. One of the key stumbling blocks to achieving this is the need to manually collect and review loss runs from the insured’s prior carriers. The process is inefficient and labor-intensive, and the results often insufficient for disciplined, informed underwriting.
Carriers can simplify their quoting process by automating loss runs with a contributory loss history database. A contributory loss history database is a centralized repository of data where every contributor receives realtime access to the industry-wide dataset. It can enable carriers to:
Reduce underwriting expenses
Discover profitable growth opportunities
Improve risk selection
Increase customer satisfaction
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