Is the quoting system broken?
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Editor's Note
As we come into the busy fall conference season – and the launch of the important Jan. 1 renewal season – challenges in the casualty market are top of mind for Jason Busti, AXIS Re’s president of North America.
He described the midyear renewals as difficult, due to issues like social and economic inflation, but also, Busti says he thinks the quoting system is broken.
“Many companies have stopped or slowed on how much business they quote on. Not enough companies are coming to the table with real quotes,” Busti said.?
He said verbal guidance on pricing is too loose and doesn’t leave buyers or brokers with a firm anchor to be confidence on what to expect. “It creates a lot of unnecessary noise,” Busti said. Insurance need to emphasize “underwriting honesty and underwriting integrity.”
Insurers are always in the difficult position of pricing a product before they know the final cost. Risa Ryan, head of US P&C at hyperexponential, said the last five years have seen a rapid advance in technology that is helping insurers make better pricing decisions. “The companies leading the way are adopting software engineering technology,” she said.?
The ability to get the price right will separate the winners from the losers in the insurance industry. Join us October 10 for a free webinar, “The Price Is Right? How Insurers Can Better Harness Data/Analytics.”?
As always, thanks for watching, listening and reading,
Meg Green , Senior Editor,?Insurance Insider
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3 个月We are starting to see the use of OpenAI Retrieval-Augmented Generation to assist in renewal and new business quoting and underwriting processes. Game changers in technology. CyTech Consulting