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Insurity Releases “Workers’ Compensation Industry Trends” Report Based on Valen Data Consortium Insights

June 2, 2021 | By admin | No Comments | Filed in: ixyfmqzbo.

first_img WhatsApp Local NewsBusiness Pinterest Facebook Insurity Releases “Workers’ Compensation Industry Trends” Report Based on Valen Data Consortium Insights WhatsApp Facebook Twittercenter_img HARTFORD, Conn.–(BUSINESS WIRE)–Feb 4, 2021– Insurity, a leading provider of cloud-based systems for insurance carriers, brokers, and MGAs, today released its Workers’ Compensation Industry Trends report. The exclusive research reveals four converging trends related to COVID-19 that are expected to impact insurers’ portfolios in 2021. The study was based on $60 billion in workers’ compensation policy and claims data from Insurity’s proprietary Valen Data Consortium from Q1 through Q3 2020. The pandemic has exacerbated challenges for the workers’ compensation industry, which has seen loss costs on a downward trend for years alongside climbing expense ratios. This, combined with the findings within this report related to new business, renewals, and expected premium loss, underscores the need for a heightened focus on underwriting excellence so insurers can protect and preserve loss ratios while competing for premium in the current and post-pandemic marketplace. “Our consortium data reveals what is actually happening on the ground during the pandemic, providing a real-world view of what insurers are up against,” said Kirstin Marr, head of data solutions at Insurity. “It’s clear from our analysis that new business is becoming harder to find while insurers may also be on the hook to return a significant amount of premium upon retrospective audits. Compounding this, investment yields are at all-time lows. This puts adequacy of premium at risk and creates urgency around enhanced risk selection, pricing, and portfolio management practices—not only to safeguard loss ratios, but also to establish competitive differentiation.” “The trends show insurers facing pressures from three primary areas: a decrease in new business, renewal stagnation, and the potential return of substantial premium, resulting from retrospective audits that reflect pandemic-driven layoffs and furloughs,” said JJ Ihrke, head of analytics and chief scoring officer at Insurity. “With new business quotes down as much as 23% in some industries—underwriting profitability becomes incredibly important to achieve because insurers simply can’t afford to miss on the scarce new business opportunities available.” To view the key trends, analysis, and steps to navigate this challenging environment, download the Workers Compensation Industry Trends report at: https://go.insurity.com/WC-2021-1-WorkersCompTrends-Report—LP-Content-Download.html. About the Valen Data Consortium The study was based on insights gleaned from the Valen Data Consortium, the P&C industry’s largest proprietary database of P&C policy, claims, billing, and submission data, totaling $100 billion dollars in premium ($60 billion in workers’ comp premium). It contains over 20 years of workers’ compensation data including transactional and behavioral information such as risk profile, attributes, policy, and claims history. About Insurity Insurity is a leading provider of cloud-based systems for insurance carriers, brokers, and MGAs. Through its best-in-class digital platform and with unrivaled industry experience and thought leadership, Insurity is uniquely positioned to deliver exceptional value, empowering customers to focus on their core businesses, optimize their operations, and provide superior policyholder experiences. With users worldwide and more cloud-based deployments than any other core system provider in the insurtech space, Insurity is trusted by 15 of the top 25 property and casualty carriers in the US. For more information, visit www.insurity.com. View source version on businesswire.com:https://www.businesswire.com/news/home/20210204005039/en/ CONTACT: Fusion PR on behalf of Insurity Ross Blume, (310) 481-1431 [email protected] KEYWORD: CONNECTICUT UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: TECHNOLOGY PROFESSIONAL SERVICES INSURANCE DATA MANAGEMENT SOURCE: Insurity Copyright Business Wire 2021. PUB: 02/04/2021 09:00 AM/DISC: 02/04/2021 09:01 AM http://www.businesswire.com/news/home/20210204005039/en TAGS  Previous articleAgendia to Participate in the BTIG MedTech, Digital Health, Life Science & Diagnostic Tools ConferenceNext articleDascena Strengthens Executive Leadership Team with Key Appointments and Promotion Digital AIM Web Support Twitter By Digital AIM Web Support – February 4, 2021 Pinterestlast_img read more

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