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Changing the Rules
Changing the Rules
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Changing the Rules
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Changing the Rules
Changing the Rules

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Changing the Rules
Trade Publication Article

Changing the Rules

2013
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Overview
Uncertainty over election results, the fiscal cliff, and economic direction appear to have been addressed, allowing industry leaders to focus on a return to competitive advantage and sustainable profitability. Even with gradual improvements in the economy, companies remain faced with increasingly costly catastrophe losses and near-term minimal investment returns. Further complicating the challenges leadership faces are continued increases in consumer expectations for products and service, an increasingly diversified market, distribution challenges, and nonstop technological advances. Bottom line, the insurance industry requires game changers to improve performance in any meaningful manner. User-based insurance (UBI) offers one possible example of a game changer, but like all shifts it comes with it is own set of challenges. Layering a strong analytics solution on top of policy admin data and other data sources allows carriers to focus on four areas where analytics can bring significantly amplified results. In priority order based on potential impact, including: 1. risk assessment, 2. claims handling, 3. agent effectiveness, and 4. customer awareness.