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Article: Ward's 50 set best practices benchmarks. (Ward Financial Group 50 best property/casualty and 50 life/health insurers)
- Article from:
- Business Insurance
- Article date:
- August 25, 1997
- Author:
CopyrightCOPYRIGHT 1997 Crain Communications, 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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Many of the property/casualty insurers that best balance financial performance with solvency do not equally balance their loss control and underwriting efforts among all policyholders, according to insurer management consultant Ward Financial Group.
Instead, those insurers distribute their loss control and underwriting resources in an "80-20" fashion, which Ward Financial has determined is a "best practice" approach. Those insurers are focusing a majority of theft efforts on their largest and most complex accounts, even though they typically represent a minority of their overall policies.
That may not be the most equitable system, but a comparison of loss ...