Underwriting and Product Development

The Underwriting and Product Development departments are vital to a company’s success, since through these functions, an insurance company can proactively affect the success of their company. i4's customized business intelligence solution provides the Underwriting and Product Development areas with the tools necessary to identify trends and support decision-making.

Specifically, an insurance company needs the ability to diversify exposure, identify “ideal” risks, manage capacity through distribution channels, develop competitive products and charge adequate premium. If the data model and warehouse is in appropriate order, the following is a select sample of measures, reports and analyses that may be achieved by implementing an i4 customized business intelligence solution:

  • Loss & LAE Ratios, Loss Costs, Earned Premium by any combination of dimensions and time frames (e.g. by Product Line, Form Type, Agent, Geographic Region, Distribution Channel, Underwriting and Rating Characteristics, Demographics, etc.)
  • Retention and Attrition Analyses by any combination of dimensions (e.g. by Product Line, Form Type, Agent, Geographic Region, Distribution Channel, Underwriting and Rating Characteristics, Demographics, etc.)
  • Exposure Analyses mapped by geographic region (e.g., state, marketing regions, county, zip code, etc.)
  • Rate On-Level Analyses.
  • Stratification of measures using Comparison Ranges. For example, grouping measures by auto or home values, violation counts, age ranges, gender, premium ranges, losses incurred ranges, model year or year built ranges, etc.