As technologies such as big data, advanced analytics, and artificial intelligence continue to advance and new applications emerge, each of these building blocks will evolve and become increasingly more data driven. Requires a relentless focus on five essential building blocks: portfolio steering, pricing adequacy, risk selection, capacity optimization, and coverage design. These observations have shown that underwriting excellence Over the past decade, we have witnessed both successes and shortcomings in underwriting improvement programs. Further, achieving and documenting improved results in underwriting performance can take up to several years. Risk outcomes are not binary-policy wording and exclusions might seem straightforward until they are challenged by litigation and subject to interpretation. This heterogeneity is even true in the small and medium-size enterprise (SME) category, where thousands of microsegments can each have unique risk profiles and face different hazards. Compared with retail personal lines, commercial exposures are heterogenous, intermediated, and often qualitative. Achieving underwriting improvement can be a Herculean task.
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