Rush hour: whether it's by phone, through banks or in cyberspace, auto insurance writers are in an escalating battle to win the low-cost distribution war
Article Abstract:
Direct response insurers promise to double their share of the private passenger automobile market by the year 2007. Among the leading direct-response marketing auto insurers are Geico Corp of Washington, DC and San Antonio, TX's USAA Casualty Group. The growing share of direct-response auto insurance marketers can be attributed to the lower expense ratio, with direct response writers posting a 13.7% expense ratio in 1996, as against 28.8% for carriers using independent agents and 22.2% for those with captive agents. The Internet has also served to fuel the increase in direct response auto insurance, with several insurers launching selling programs via World Wide Web sites.
Publication Name: Best's Review Property-Casualty Insurance Edition
Subject: Insurance
ISSN: 0005-9714
Year: 1997
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Turbo-charged batch raters transform auto pricing
Article Abstract:
Automobile insurance firms will soon have a way to quickly compare its rates with other insurers. With the advent of personal computer-based premium rate comparison tools, insurance agents can quickly give their customers company-by-company rate comparisons. The information in these database tools have long been collected by agents, but InsurQuote Systems, Quadrant Information Services and a collaboration between AMS Services Inc and Insurance Services Office Inc are now using the data to develop batch raters programs.
Publication Name: Best's Review Property-Casualty Insurance Edition
Subject: Insurance
ISSN: 0005-9714
Year: 1996
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Put some ZIP into pricing; geographic mapping can help insurers calculate more accurate risk estimates for homeowners coverage
Article Abstract:
Insurance company can devise more accurate pricing structures for homeowners insurance by using ZIP codes rather than county territories to calculate premiums. Not only does such a pricing structure provide insurers with more protection from the financial consequences of inaccurate pricing, but it also results in more fair pricing for consumers.
Publication Name: Best's Review Property-Casualty Insurance Edition
Subject: Insurance
ISSN: 0005-9714
Year: 1997
User Contributions:
Comment about this article or add new information about this topic:
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