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For insurance companies who wish
to understand existing markets and enter new and emerging markets, being able
to accurately predict insurance demand is critical. Currently, demand for insurance is
predicted predominately by analyzing economic factors (e.g., gross domestic
product [GDP], inflation rate). However, we often see gaps in insurance demand
between two different countries, despite the similarity of those countries’ economic
conditions. This difference indicates that insurance market dynamics cannot
always be captured through economic conditions, or through an economic analysis. Clearly, some additional new and
improved rating variables would be useful to more effectively predict
insurance demand in different markets.
During the recent Pinnacle University event, we discussed the topic of personalized insurance and its place in the insurance market. The topic of personalized insurance includes the use of more personal data and predictors to price insurance for specific customers, as well as the ability to find insurance coverage for virtually anything you need at any limits you may desire.
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