OPTIMIZING THE RENEWAL PROCESS WITH TECHNOLOGY 6
HOW DATA CAN MAKE A REAL DIFFERENCE TO PREMIUMS
In this example, we show how more data
made a significant difference for a US
property located in South Carolina which
was a high risk for windstorms.
The left box shows the initial data that was
provided and the resulting premium and the
middle box shows a revised premium once
additional information was submitted.
Initial renewal data
• Location
• Occupation
• Values
• Limit
• Deductible
INITIAL PREMIUM
$450,000
Additional renewal data
• Construction
•
Frame
• Cladding construction
• Year built
• Number of stories
• Roof covering
• Roof age
• Equipment of roof and
anchoring
• Roof geometry
• Door design
• Window design
• Contingency plan
REVISED PREMIUM
$255,000
Outcome
…$195,000 reduction
in premiums
