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3 min read


HOW TO TACKLE P&C RATING IN 2024

Dave Tobias : Feb 5, 2024 8:01:30 AM

AI CAT response Policy Lifecycle Reinsurance


How can insurers rate more effectively when property condition across the US is
changing more frequently than ever? This is a significant challenge for
insurers, made more complicated by climate risk, economic instability,
reinsurance trends, and rising replacement costs. To navigate this complex
environment, insurers need adaptive strategies—enhanced by cutting-edge
technology—to accurately evaluate risk in 2024.  

 

Historical Cycles and Current Pressures

Our current market faces challenges with setting accurate insurance rates and
dealing with frequent policy cancellations. The cover image below from Time
magazine may resonate with many insurers. It spends considerable time on the
Florida and California markets and other problem areas across the United States.



It may be difficult to immediately notice, but the fine print above the letter
“T” shows this article was from March of 1986. So, what has changed if anything?
This piece from the past underscores an important message for today's market: we
have been through a hard market before, just like we are in today. Although,
it’s recognized that the current market is much harder. This perspective is not
meant to dismiss the pressures of the present. Rather, it reminds us that market
pressures are cyclical, and preparation is key to surviving these cycles.

 

 

Adapting Rating Strategies

Insurers are not just looking for effective rates—they are seeking accurate risk
valuation. When writing new business, it’s critical to ensure the best possible
risks are insured, while eliminating potential surprises at renewal. To do this,
insurers need the right tools in hand that enable them to accurately evaluate
property risk. 

Coming from the insurance industry myself, I witnessed firsthand the
difficulties insurers face in obtaining a clear view of the properties in their
book. That’s why we built our Property Intelligence Platform specifically
tailored to insurance workflows. Marked by state-of-the-art imagery, Artificial
Intelligence (AI), and computer vision, we can transform the methods insurers
use to evaluate and rate risk:

 * Imagery: Leveraging Nearmap’s high-resolution aerial imagery, our platform
   ensures underwriters have access to the most recent imagery—including roof
   condition and roof age—for properties in their portfolio. Additionally,
   Nearmap flies up to three times a year, providing insurers with regular
   imagery. 
 * Detections: Our AI reveals detailed information—up to 100 detections—that can
   be automatically spotlighted in our platform for underwriters to make fast,
   and accurate, policy decisions.
 * Peril Scores: Our peril scores (Wildfire, Hurricane, Hail, and Wind) are
   ready to use for rating in many states. These scores enable rapid, accurate
   underwriting decisions and rate segmentation in high-hazard regions and can
   even predict future claims.
 * Flagging: The Property Intelligence Platform is completely customizable to
   any insurer’s need, allowing an insurer to set up custom flags that
   automatically notify underwriters when property condition changes or is at
   higher risk of damage. The underwriters can then change policy terms or
   adjust premiums.

With these tools in hand, insurers elevate beyond traditional approaches,
providing detailed, property-specific insights that facilitate tailored risk
management strategies based on their unique needs. 

 

 

Staying Agile in a Modern Market

How can insurers maintain agility in the current, hard market? Reinsurance is
one key component of the rating puzzle. Insurers of all sizes—large, medium, or
small—are rethinking their reinsurance strategies in response to rising
premiums. In addition, insurers are facing the challenge of increased
retentions, choosing to increase their self-insurance thresholds and take on
more risk before reinsurance takes effect. It’s become standard for these
companies to invest in different levels of their catastrophe protection plans.
This trend has left insurers with higher upfront costs, reduced financial
reserves, and a larger share of potential losses that can impact their financial
stability. 

There are a few primary strategies to address these challenges: insurers can
adjust pricing to better reflect the risk, or they can transfer risk using
methods such as reinsurance or a combination of approaches. Here, innovative
methods are vital. Technologies like the Betterview platform provide detailed
insights of property condition and enable insurers to tailor their strategies to
their specific needs. Adaptability is crucial to ensure accurate risk pricing,
particularly in commercial and underwriting activities. If insurers can prepare
their underwriters with the data and confidence they need, they are more likely
to achieve the necessary rate.

 

 

A Call for Continued Innovation

The need for innovation in rating is clear. The Betterview platform by Nearmap
provides a comprehensive toolkit—from imagery capture to processing, and
analyzing imagery for detailed property insights, insurers get the risk
assessments they need to reduce losses and increase efficiency. As insurers face
new business and renewals, integrating these data sources and technology will be
pivotal. The journey ahead will not just be about surviving P&C insurance cycles
but thriving through them. 

 

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HOW TO TACKLE P&C RATING IN 2024

Dave Tobias: Feb 5, 2024 8:01:30 AM

How can insurers rate more effectively when property condition across the US is
changing more frequently than ever? This is a significant challenge ...

AI CAT response Policy Lifecycle Reinsurance
Read More

TOP 5 P&C TRENDS WE ARE FOLLOWING IN 2024

Betterview: Jan 9, 2024 1:00:00 PM

What can P&C insurers anticipate in 2024?

AI Risk Management Economics Insurtech
Read More

BUILDING RESILIENCE FOR FUTURE GENERATIONS

Jason Janofsky: Dec 21, 2023 8:00:00 AM

What does it take to protect our communities and build a safer world?

Risk Management
Read More

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