Utilizing accurate data is essential for claims professionals, enabling insurers to identify trends that help anticipate future claims, adjust premiums and manage risk exposure more effectively.
Data plays a critical role in forecasting costs and developing precise pricing strategies, ensuring premiums more accurately reflect the level of risk associated with different customers or groups. Today, this is especially valuable in understanding the recent surge in auto theft across the United States.
Since 2019, the average rate of motor vehicle theft has increased by 105%, according to the Council on Criminal Justice. While National Insurance Crime