Seventy-four percent of the underwriters said using the system helped them underwrite
To effectively underwrite
any potentially catastrophic peril, it is important to understand the dynamics of that peril.
Today, insurers of all sizes and types, from small regional carriers selling through agents to national direct writers, can take advantage of third-party data and the latest underwriting technology, and underwrite
small and midsize commercial risks as diligently as they write individuals and large businesses.
This research clearly indicates that the P&C commercial insurance market is at a point of inflection as carriers are demonstrating a change in mindset towards the way they underwrite
commercial lines risks," said Brian Kearns, Head of Infosys' Insurance Industry Practice.
Based in Chicago, the Division will focus on primary casualty business produced by wholesale insurance brokers, and will underwrite
construction business east of the Rocky Mountains and non-construction risks countrywide.
Similarly, these insurers have focused on specific needs of middle-market businesses and devised a more complex system to individually underwrite
accounts so that prices, retentions and products can accurately reflect each business's specific exposures.
Introduced in the early 1990s, insurance scoring is now used in some form to underwrite
or rate almost all new and renewal business in homeowners and personal auto.