Survey: Many commercial carriers look to adopt predictive modeling

02/6/2012 | Business Insurance (tiered subscription model)

A Towers Watson survey found that about 70% of commercial property/casualty insurers apply predictive modeling to their business or intend to do so in the coming two years. Meanwhile, about 85% of personal-lines carriers in the survey rely on predictive modeling or plan to use the technique, Towers Watson said. The use of predictive modeling in the industry will gain momentum partly because of "insurers' dissatisfaction with current risk assessment and rate-setting approaches," according to Towers Watson.

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