A survey of North American insurance professionals reveals widespread use of predictive analytics in the property/casualty insurance industry, with as many as 82 percent responding that they use predictive modeling in one or more lines. Earnix, a provider of pricing and customer analytics to banks and insurers, and ISO, the Verisk property/casualty insurance rate and information service, released the results of a joint industry survey, Insurance Predictive Modeling Survey.
Based on the survey results, Earnix and ISO report that larger insurance companies are more likely to make use of predictive modeling than smaller ones. In fact, 100 percent of the respondents from companies that write more than $1 billion of gross premiums in personal insurance use predictive modeling, compared with 69 percent of the smaller personal lines writers.
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