Predictive Modeling ‘s Impact on Agents and Brokers—and Their Clients
Leader’s Edge magazine just published my article on how predictive modeling will affect agents and brokers who sell commercial insurance – and their customers. The article, Modeling the Future, explains how agents and brokers who invest in their own predictive models can see significant returns on their bottom line.
Many agents and brokers are already being affected by the predictive models of the insurance companies they represent. To a greater extent, predictive modeling reveals the true risk of employers. Some agents’ customers will see price improvements while others will experience the opposite. Insurers also need to do a better job informing their agents of how they are using the models so agents can respond appropriately.
Those who adapt quickly will do well, those who do not will be left behind.
Agents and brokers with the interest and resources to invest in their own predictive models will be able to offer better products and services. My article features one company that is increasing revenue by improving the value proposition of workers’ compensation products and services with predictive modeling.
Some agents bristle at the technology, but predictive modeling is here to stay. Those who adapt quickly will do well, those who do not will be left behind.
I hope you enjoy this last article under my current byline. Since I am getting married this Saturday, my future byline will be Annmarie Geddes Baribeau.
If you want to read more about predictive modeling, please check out the “predictive modeling” section under “topics.”