Is your book of business performing to its full profit potential? Where should you focus your expansion efforts? Where should you increase your appetite to optimize profitability?
Since 2009, the insurance industry has tightened underwriting guidelines and improved efficiency, driving many insurers to shift their focus to growth.
Additionally, major insurance events in 2017 are causing significant upward pricing pressure in 2018 as insurers are being forced to raise premiums and becoming less competitive on price.
With so many complex factors impacting both portfolio profitability competitive pricing, driving profitable growth today in your business is a hard challenge across all markets.
This session will review strategies and tools to help you overcome the price/commoditization trap by:
- Discussing strategies to analyze and help make important decisions about expanding your portfolio profitably.
- Using data visualization and heat maps to enable you to explore and identify profitable and unprofitable lines and markets on regional, state, and national levels.
- Identifying territories that have the best combination of volume and profitability by line of business.
- Ranking markets that present the greatest profit opportunities and highlighting where your portfolio deviates from other insurers on an aggregate level.
- Utilizing sophisticated economic forecasting to help identify accounts with premium that will be growing, neutrally impacted, or stressed due to current and future economic trends.
