Tomorrow's commercial lines today
Emmanuel Kenning finds out where technology is taking the market for commercial lines insurance.
According to consultants Watson Wyatt, commercial lines insurers are increasingly applying techniques employed by personal lines insurers when setting premiums.
The firm has launched Pretium 3.1, an adaptation of software used previously in personal lines, which includes a function allowing layered claims models to be combined, giving an overall cost of claims. James Tanser, senior consultant at Watson Wyatt, said: "The main driver is a better understanding of risk and underlying levels of cost
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