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Optimizing the Renewal Process with Technology

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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

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