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To write more new business, property & casualty companies need to define the type of customer they want to attract and then understand how price-sensitive these customers are to their products. By effectively analyzing price sensitivity and expected sales volumes at varying profit levels, companies can increase new business conversion rates - given target levels of profitability - to arrive at an optimal new business pricing strategy. Insurance companies have made significant advances in more granular risk-based pricing through the use of predictive modeling techniques.
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