Know the numbers.
For a number of years, we at MSB looked at the way auto insurers merged claims and underwriting data. This practice revolutionized the auto insurance industry as it allowed carriers to underwrite and price accounts with pinpoint accuracy.
We thought to ourselves, “Why don’t property insurers do the same?”
We knew the answer. It was because they did not have the ability to do so.
That is no longer the case.
With PerilVision, property insurers can now predict loss experience at the peril and individual property level. This enables property insurers to underwrite and price accounts with pinpoint accuracy and weed out non-profitable risks.
PerilVision does this by producing a numerical score that predicts loss experience. The higher the number, the greater the risk.
The PerilVision scores help you understand how home characteristics correlate with losses caused by different perils. This understanding enhances your pricing and risk selection without requiring you to significantly alter your underwriting practices.