Historically insurance companies may have conducted limited scenario testing when introducing new pricing structures before implementation. However, insurers today struggle to efficiently run and test business model simulations that require multiple components (ie. pricing algorithms, underwriting rules and market behavior) to more completely understand the impact of strategy changes on their books of business. Insurers need to be more agile in these uncertain times. If you are just hopeful when you make changes today, learn how FICO can give you greater confidence that you will actually achieve your strategic goals.
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