A recent study by Quality Planning identified several key areas of premium leakage. Two of the problems identified were a) incorrect commuting distance and b) incorrect rating territories. Together, these two factors account for $3.1 billion annually in premium leakage!
Did you know that the RiskMeter has solutions for both of these problems?
For rating territories RiskMeter can be used to verify the proper rating territory, regardless of how your territories are defined. All you have to do is send us your territory definitions and our GIS analysts can digitally draw maps that will match your territories down to the street level. This will allow your underwriters and agents to type in an address and get the correct rating territory. As companies are moving towards smaller territories (sub-zip) this technology is not only ideal, but necessary to assign the proper rating territory! This works with auto, homeowners and other lines of business too!
For distance to work, RiskMeter has come up with an innovative solution. Most people do not know the address of their spouse's office; Therefore, it is difficult to ask them to verify the distance to work, so they'll just guess. We've come up with a unique solution to this problem. Call us to discuss your issue, and we'll tell you our secret!
For more information, please contact Daniel Munson, Founder, RiskMeter Online at 617.737.4444 or Email |