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Novarica Unveils New Report on Commercial Insurers

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Novarica Unveils New Report on Commercial Insurers

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September 18, 2013
By Raju Shanbhag
TMCnet Contributor

Commercial insurers are doing everything possible to survive in a highly competitive marketplace. This includes adapting new advanced technologies, states a new report released by Novarica. The report, titled, “Business and Technology Trends: Commercial Lines,” focuses on recent technology investments by commercial lines insurers.


The report also focuses on the commercial lines marketplace. It provides a summary of the insurer market and discusses application issues in this domain. It also focuses on projects initiated by insurers in this market off late.

Improving claims has become an increasingly important issue for insurance companies all over the world. In fact, in the worldwide insurance industry claims function occupies an important place in deciding competitiveness. It reflects about 80 percent of the premium.

Predictive analysis helps insurance companies find issues in conventional risk assessment and underwriting methodologies. This technology offers enhanced methods for insurers to better differentiate between similar or identical risks. Predictive analytics can also assist insurance companies in deciding whether doctors are more likely to be taken to court for malpractice.

Apart from offering timely reports to the insurance sector, Novarica also helps them to take informed decisions. The company works as a force multiplier for insurance IT organizations and advises them on best practices.

“While growth is a primary objective, commercial carriers are intent on maintaining underwriting discipline while growing the book. More and more carriers are using predictive analytics and business rules to try to more consistently apply underwriting expertise and make better underwriting/pricing decisions by aligning pricing actions with risk quality,” said Karlyn Carnahan, a principal with Novarica and co-author of the report with Business and Technology Trends series editor Steven Kaye.

Recently, the company released another report where it stated that small commercial lines insurers need to ready their customers to adapt direct and online channels within the next five years.




Edited by Ryan Sartor

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