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Either way, it can end in costly premium leakage Learn how to identify risks, enhance data accuracy, and optimize risk management for a more profitable insurance underwriting. How do you fix classification errors
Premium leakage is one of the personal auto insurance market's most pressing problems Discover proven strategies to prevent premium leakage in insurance underwriting Insurers lost $29 billion due to premium leakage in 2016 — an 82% increase compared to 2008
Smartcar helps alleviate premium leakage by letting policyholders share accurate vehicle telemetry with their insurers.
Premium leakage is a silent profit killer in auto insurance So, premium leakage is not just a carrier problem, it is a problem that flows down to agents What, then, is premium leakage Premium leakage is defined as
Premium and/or revenue lost due to misclassification, missed exposures, exposure changes, fraud or the failure to recognize and address other material facts related to premium. Discover how premium leakage costs the insurance industry over $1.2 billion annually Learn its causes, hidden risks, and strategies insurers can use to protect profits. Premium leakage is a critical issue for carriers writing personal auto insurance, particularly with the rising severity of claims
However, by utilizing data and building partnerships with auto manufacturers, data providers and new insurtech vendors
Carriers can take steps to limit exposures due to incorrect mileage and garaged locations Join us in building a community to solve this problem.
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