Verisk releases report on how its survey services can help enhance profitabilityBy Robert Andrews | August 21, 2019
Insurers are always looking to improve portfolio performance and grow their business by adding new customers and maximizing profits on existing customers. In either case, it’s vital to price policies correctly, adjust for exposure changes at renewals, and keep loss ratios down. A recent Verisk study of our customers uncovered a correlation between profitability and the use of our surveys, and that report is available now.
Verisk found that its surveys can help insurers manage underwriting expenses and get a more complete picture of risks across commercial property lines. Other key highlights of the report include the following:
- On average, Verisk’s survey customers had general expense ratios (GERs) that were about one point better than the industry average.
- Potential savings in annual expenses could translate to roughly $100 million at the industry level (based on 2017 premium dollars).
- Customers who ramped up their survey orders grew premiums the fastest.
You can download the report here.
Verisk employs 500 full-time, nationwide field analysts who average nearly 12 years of experience and perform 350,000 surveys each year. Learn more about Verisk’s survey services.
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