What:
With Impact+ Motor Insights, Swiss Re, in partnership with TNEDICCA, gives insurers the ability to see traffic crash intelligence data in 41 US states plus the ability to integrate their own data for a more comprehensive view.
Why:
Using Impact+ Motor Insights, Swiss Re clients can see how various risk factors are contributing to their loss experience, such as where customers drive, what they drive and how much they drive; then they can adjust their underwriting pricing accordingly.
How:
- The impact of such an analysis on an insurer’s bottom line can range anywhere from a $2.5 million increase on a stable $100 million portfolio to a $7.5 million increase a year on a new $100 million portfolio.
- When an insurer obtains this better understanding of risk components, the insured often benefits from expanded coverage.
- Insurers are already seeing the advantages, including:
- Faster recognition of emerging risks to inform rate and coverage changes.
- Ability to benchmark a portfolio against the entire market to identify areas of adverse selection or premium leakage.
- Potential for strategic growth through the identification of risk segments that align with an insurer’s competitive advantage.