Hartford, CONN., Sept. 18, 2006 – Many commercial lines insurers imagine a world of potential success by applying to their businesses the predictive modeling techniques now widely used in personal lines, according to a new survey-based study by Conning Research and Consulting, Inc.
“It is clear from our survey results that commercial insurers are inspired by the advances in predictive modeling that are revolutionizing the personal lines marketplace,” said Stephan Christiansen, director of research at Conning Research & Consulting, Inc. “Since the commercial lines industry is still in the early stage of exploration of predictive modeling, it is not yet clear whether the early and aggressive pursuit of the right combination of data and tools will lead to a permanent competitive edge.”
The Conning Research study, “Commercial Lines Predictive Modeling: Searching for the Lift” identifies the environmental contrasts between commercial and personal lines, current activity in commercial lines predictive modeling implementation, potential barriers, and likely outcomes in this search for predictive modeling competitive advantage.
“Certainly, predictive modeling has become a key tool in personal lines, but that is not necessarily predictive of a success in all commercial lines,” Christiansen said. “Our research shows that insurers and modeling vendors perceive strong opportunities in some segments, weaker opportunities in others. And while there are barriers to successful implementation, our analysis has identified potential solutions for these hurdles.”
“Commercial Lines Predictive Modeling: Searching for the Lift” is available for purchase from Conning Research & Consulting, Inc., by visiting the company’s web site at www.conningresearch.com.
About Conning Research & Consulting, Inc.
Conning provides insurance industry analysis to insurers and industry stakeholders. The Conning name has represented excellence in independent insurance industry research for more than 40 years. As a result of its wealth of experience and intimate knowledge of the insurance industry, Conning understands industry challenges and opportunities and provides in-depth insights and analyses on a wide range of industry products and issues. Conning is headquartered in Hartford, Conn.
