PAAS Explorer: The Ultimate Tool for Policy Classification
Are you assigning the correct classifications to each policy?
Accurate policy classification is a major challenge faced by premium auditors and underwriters.
Misclassified policies can threaten to erode your hard-earned business, so correct classification is critical to ensure that the premium you charge is correct.
With PAAS Explorer, you can classify policies with ease using industry data from approximately 14 million general liability policies from the past five years. PAAS Explorer can identify class codes that commonly appear together on the same policy to potentially alert users of class codes they may need to add.
Get highly credible results to improve accuracy of policy classification
Get highly credible results to improve accuracy of policy classification
With PAAS Explorer, you can:
- More accurately classify the insured’s operations by identifying other class codes which are most commonly assigned on the same policy.
- Easily find classification assistance for operations not frequently classified by auditors or underwriters.
- Get highly credible results based on vast industry policy classification level data.
Try PAAS Explorer today.
Accelerate accurate policy classification
1. Select classification
Select a classification by entering the class code number or phraseology/description assisted by autofill.
2. Filter the data
Filter the data by policy premium amount, state (by dropdown or map), and/or policy year.
3. Explore associated classifications
Identify other classifications, via PAAS Explorer, that are most commonly assigned on the same policy with the classification you have selected. In addition, unlock the percent this combination of classifications appears on the same policy.
For example, among the approximately 14 million industry policy records analyzed, when class code 10220 is assigned, code 58161 is also assigned 64.40% of the time, and code 16916 is also assigned 49.27% of the time. This should alert the auditor or underwriter to inquire about liquor liability coverage (code 58161) and restaurant, lounge and/or snack bar operations (code 16916).
4. View associations reported
View the number of times the selected classification is associated with the other classifications.
5. View trends
View a 5-year trend of the top 20 classifications most commonly associated with the selected classification.
Your leading resource for premium audit and classification information
Your leading resource for premium audit and classification information
PAAS Explorer complements PAASbase, which provides a wide range of premium audit-related information and assistance.