OLDWICK, N.J.--(BUSINESS WIRE)--This A.M. BestTV episode explores how developments in technology, analytics and modeling have increased insurers’ comfort with and ability to underwrite small businesses. However, winning these accounts means increasing risk management and loss control resources. Click on http://www.ambest.com/v.asp?v=smallbusiness1015 to view the entire program.
“It is a tough business to get into,” said David Lupica, division president, ACE Commercial Risk Services. “If you handle a small business the way you handle a large business and it is too traditional, it is a losing proposition. What you need is investment in technology and operational efficiency, as well as having a product to serve the entire marketplace.”
“The biggest challenge for insurers is maintaining the proper balance between analytics, business intelligence and judgment and decision-making,” said John Marchioni, president and chief operating officer, Selective Insurance Group. “For a long time, small accounts were underwritten just like large accounts, very manual and driven by human judgment; however, over the last decade or so, a lot more companies are investing in predictive modeling, business intelligence and analytics as a way to drive automatic underwriting and pricing.”
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