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Not All ‘Optimization’ Is Price Optimization; Allstate’s CGR Proves It
"The purpose of price optimization is to extract as much profit as possible from policyholders, who are often required to purchase insurance policies," according to a February 2015 press release from ...
An Accident of the Rating Process: Allstate’s Cure Explained
In Part 1 of this article series, I described cost-based pricing used by actuaries, which includes business judgment—introducing differences between the technical price indication for a book of ...
About Those Rates: Why Allstate’s Rating Program May Not Be What It Seems
Actuaries occupy a quiet, arcane world, their debates obscure: Loss development factors: weighted vs. straight? Premium impact: parallelogram vs. extension of exposures? Reserve methods: chain ladder ...
‘Silicon Valley Is Coming’: InsureTech Connect Conference Roundup
There was a great turnout for the future of the insurance industry this week in Las Vegas. The occasion was the first InsureTech Connect Conference, which brought together an estimated 1,500 tech ...
Verifly CEO Seeks to Carve Out ‘On-Demand’ Niche in Drone Insurance Market
The idea of drone insurance would have been far-fetched not that long ago. Enter entrepreneur Jay Bregman, a longtime drone and radio-controlled aircraft enthusiast. He's the CEO and co-founder of ...
Cyber Risk and the Threat of the Unknown
As new technology is developed and digital applications are rapidly becoming more prevalent, cybersecurity continues to be an evolving risk and a potential loss area for insurance companies. The ...
Agents to Carriers: We’re Your Customers
Given a choice between two options, agents would prefer that carriers focus their money and time on strengthening the personal bonds between them. Agents are even more emphatic about that when asked ...
Looking Ahead: What Do Agents Want From Carriers?
Knowing that agents are more satisfied with benefits they derive from carrier relationships than they are with carrier technology, you might think that agents would want carriers to step up efforts ...