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Article: Automated underwriting helps Safeco rate commercial risks.(Loss/Risk Management Notes)(Interview)
- Article from:
- Best's Review
- Article date:
- May 1, 2005
- Author:
CopyrightCOPYRIGHT 2005 A.M. Best Company, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Safeco Corp. has taken a lesson from the personal lines and is using automated underwriting for commercial business.
Mike Hughes, senior vice president of Safeco Business Insurance, recently spoke to Best's Review about the company's goal to become the top writer of small and midmarket business and how the company is using automated underwriting for its business owner policy business.
What sorts of variables are used in your automated model to assess commercial risks?
With every risk, our platform looks at all of those things that act as influences on that risk, and we also use external variables, and we rate each of those variables so that ...