Do you have enough actionable data for strategic planning season?

July 13, 2022 / 2 min read

It’s that time of year again, when meetings are put on the calendar to discuss strategic planning. You’ve been tasked with growing your business profitably, and that means planning for the years ahead. But where do you even start?

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You need reliable, actionable information based on the specific lines of insurance you’re writing.

As an insurer, you know that strategic planning may be even more vital post-pandemic, given the scope of disruption and the ongoing economic turmoil. You know it’s critical to properly understand the market, but you may lack reliable forecasting and profitability data you can use to make good strategic decisions.

You need reliable, actionable information based on the specific lines of insurance you’re writing.

Here’s how Verisk can help

With MarketStance^®, we provide you with data to help support those pivotal decisions. We know that a core part of strategic planning is understanding your competitive position in the market. That means knowing exactly what is distinctive about what you’re doing, and what capabilities you have to maintain or enhance your competitive position. To capture these insights, you need the right data.

While strategic planning can often be a buzzword synonymous with ”having goals,” at Verisk, it means something different. For us, strategic planning revolves around underwriting appetites and ambitions. It’s about insurers examining what lines of business they are in and what they may be planning to enter. In what states, counties, and other areas are they planning to write? What classes of business are they going after? What size segments?

In our latest webinar, "It’s Strategy Time: Is Your Underwriting Appetite Positioned for Profitable Growth?", we provide a premium forecast for growth in commercial lines insurance in 2022 to help you reliably determine your next steps.

MarketStance data can help you:

Understand what classes of business, territories, and size segments have been profitable in core lines such as general liability, property, commercial auto, and businessowners policies
Stay ahead of the competition, establishing your future appetite using premium forecasts for both core and specialty lines
Determine where new products, distribution, underwriting, and claims expertise need to be positioned to meet your goals

To stay ahead of your competitors, now is the time to start planning your moves for 2023. After the upheaval of 2020 and the economic rollercoaster of 2021 and 2022, make 2023 a smooth ride by using our data to help guide your decisions. Our resources can help you streamline your business decision-making processes and make proactive, revenue-increasing choices.