Eliminating Underwriting Territories: Is it Possible?
About this talk
Property insurers underwrite homes and businesses based on geography, using zip codes, census blocks, or in some places, an entire county, to create a base rate. But within those territories, buildings may have a vastly different risk profile based on how close they are to wildfire zones, fire stations, or water sources. Is it time for insurers to begin harnessing geospatial underwriting – the ability to rate an individual property based on its specific location?
Join Insider Engage, in partnership with Guidewire, for a free webinar, 8 am PT, 11 am ET, 4 pm BT on April 13, as we explore the opportunities and challenges of using geospatial data to develop more accurate rates and maximize profitability.
Discussion questions include:
--Overview of how properties are underwritten today
--Where underwriting territories fall short
--What geospatial tools are available to improve underwriting today
--What geospatial tools still need to be created
--What regulatory challenges do insurers face when moving to geospatial underwriting
--What is the future for geospatial rating
Tammy Nichols Schwartz, CPCU - Senior Director of Analytics & Data Solutions, Guidewire
Nickolas Alvarado, FCAS, Actuary - Property and Casualty Practice, Milliman
Darren Govender, Vice President – North America Market Lead, Analytics, Swiss Re
Meg Green, Managing Editor, Insider Engage