Classifier can accurately estimate geographical risk relativities at micro-zone levels, such as U.K. postcodes. Classifier is also able to combine internally and externally sourced data in a way that overcomes external data deficiencies. This enables profitable business to be written in areas where the insurer has little existing exposure.
Key benefits
- Improve loss ratios, typically by one to two points.
- Increase price optimisation effectiveness.
- Enhance speed and flexibility in making pricing decisions.
- Reduce risk in writing business with low historical claim experience.
- Write business in areas with little exposure with control.
- Enhance communication between analysts and underwriters through clear graphical presentation of results.
- Classifier helps you understand the underlying factors driving loss statistics in any geographic area, allowing you to standardise your data and base pricing decisions on more accurate assumptions.
