2023 Webinar - Improving Agency Analytics - October 17
While analytics are becoming common across insurers’ various functions, simple heuristics like loss ratios are still common for agency and distribution channel analytics at many P&C companies. In this session we will discuss similarities and differences between modeling agencies vs. policy level pricing analytics, challenges to consider, potential terms to include in models, and considerations when discussing with business areas. Key messages include: Analytics for agency lags analytics in pricing at most companies; There are key considerations beyond building the perfect model to successfully deploy agency models; The target variable is often difficult for business users, even senior leaders to express.
- Describe challenges with modeling agencies and distribution channels.
- Explain why asking the right question with agency analytics can be more important than the model structure.
- Evaluate ways to achieve business support for implementing advanced agency analytics.
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