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Capturing and transforming data into useful information has become a critical differentiator of performance within the P&C insurance marketplace, P&C insurers revealed in a survey by Towers Watson.
About 98% of personal lines carriers and 80% of small to midmarket commercial lines carriers responding to the survey said predictive modeling is essential or very important to their business. Of large commercial accounts and specialty lines carriers, 55% said predictive modeling is essential or very important.
About 90% of surveyed P&C carriers responded that a desire to improve their bottom-line performance is the main reason they use...