While predictive modeling has proven to be an invaluable risk assessment tool in personal lines, adoption within commercial lines is not as pervasive. Why? Often carriers lack the appropriate resources to build this capacity and/or they do not understand where to begin in applying a predictive model.
But integrating predictive modeling into small commercial insurance is easier than many might think. Whether carriers choose to enlist the help of a solution provider or build a predictive model themselves from scratch, following a few best practices can make all the difference in achieving a successful outcome when using predictive models for risk assessment.
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