In a recent survey conducted jointly with Verisk Insurance Solutions, we asked 99 insurance professionals about their best practices in ratemaking approaches specifically regarding homeowners coverage in the US and Canada.
It’s no secret that Homeowners business has historically taken a back seat to the Auto business for insurance carriers when it comes to profitability and pricing sophistication. So it is not surprising that the majority of survey respondents (84%) noted the “drive for greater profitability” as the strategic goal with the greatest influence on Homeowners rate change in the past year. With the realization that companies can no longer look to the Auto market to hit their growth goals, insurers are now focused on improving their Homeowners pricing precision and use of analytics.
To find out more about homeowners insurance professionals responded in the survey, check out the infographic:
View full results: Homeowners Insurance Ratemaking Approaches Survey