The Casualty Playbook: It’s in Your Hands
December 25, 2013| Von Libby Benet |
Casualty insurance carriers today are more concerned than ever to find ways to grow their business, review the make-up of their portfolios or simply manage transactions better. Fortunately Gen Re has tools available that can help carriers examine market share, manage risk accumulations and their exposure to emerging issues, as well as model the impact of new torts on a book.
If you want to grow your premium base by expanding your product offering, for example, our underwriters can help you identify classes in the existing portfolio where additional lines of business can be offered. Gen Re’s analytical tools use your own company-specific information to produce results that are highly-individualized and meaningful to your operations.
Or it may be that the umbrella book of business that you thought was targeted at low-hazard retail risks actually contains 20% manufacturers and 10% dry cleaning establishments. Armed with that knowledge, we can help develop a marketing campaign to improve penetration in the retail classes and reduce your exposure to the more hazardous manufacturing and dry cleaning classes.
Alternatively, imagine our analytics reveal that 15% of the 9,000 GL policies your company issued are in classes that are identified as medium- to high-hazard for construction defect. In addition, they are in states identified as “severe” based on our analysis of court decisions and other factors. You might decide to strengthen your underwriting guidelines, internal referral procedures and policy forms.
Maybe you are worried about new underwriting guidelines and the quality of individual risks in the portfolio. Our analytics tools can help you see into branches or operating units, to identify training needs and implement a course correction.
Every carrier is different. So the best way to make effective strategic decisions about your liability business is to combine your underwriting needs and policy level data with our expert underwriting view of the risk.
Learn more about how Gen Re's Casualty tools can help you get a better view of your business.