Every insurance policy captures a snapshot in time. Your underwriting and pricing decisions depend on the condition of the property (auto or home) or the status of the purchaser on a specific date. But circumstances that affect underwriting risk factors can change anytime — even just days after you write the policy.
On average, every hour brings thousands of lifestyle changes to American consumers. The infographic below shows how quickly the risk profile of your policyholders can change.
Tracking those changes will help ensure that you rate policies correctly at renewal. Learn more about maintaining data integrity through the policy life cycle.