Behavioral Economics & Insurance Underwriting are Better Together
Behavioral economics in insurance underwriting is becoming more prevalent, especially with the rapid adoption of digital experiences. This article breaks down the current landscape of behavioral economics in insurance and how insurers and reinsurers can start using it to improve their underwriting procedures. First, what is Behavioral Economics? Contrary to early economic belief, humans don’t […]
Lead Prioritization Models for Insurance
Lead Prioritization Models for Insurance Many carriers still rely on “first-in-first-out” lead prioritization models or methods, but is this the best/most efficient way to convert customers? Agents and carriers stuck in this outdated strategy are losing thousands of high-intent leads to their competitors. In this article, we’re focusing on how third-party data limits agencies to […]
How Do Insurers Predict Risks?
How Do Insurers Predict Risk? Finding new tools to automate risk analytics and assessment are a hot topic in the insurance industry. Since day one, the need to predict risk accurately has been essential in the insurance industry, but in the wake of the great online migration and COVID-19, the issue is becoming more complex. […]
5 Predictive Analytics Techniques that Eliminate Human Error
What are the best predictive analytics techniques being used today? Let’s explore…Not long ago, underwriters relied on small teams of data analysts to steer decisions. But these techniques took months to complete data collection and processing. They’ve become outdated as the industry faces pressure to meet high approval quotas and even higher customer expectations. Predictive […]
Detecting Insurance Application Fraud in the Digital World
Detecting Insurance Application Fraud in the Digital World Detecting insurance application fraud in a digital-first environment is a challenge. Applicants lie about smoking, medical conditions, driving records, and more, and these simple misrepresentations can cost carriers millions. Today, with machine learning, first-party intent data, and behavioral data science available to us, it’s not as hard […]
Are Your Methods of Collecting Behavioral Data Outdated?
There are a handful of methods of collecting behavioral data. We’re going to discuss if the ones you’re using are outdated. Key Takeaways from this Article Are insurers collecting behavioral data? What are the old methods of collecting data? How is it holding carriers back? Why having the best data matters How to get your […]
