A staggering number of billion-dollar weather and climate disaster events have rocked the United States in 2023. The National Oceanic and Atmospheric Administration reported in early September that 23 events with losses exceeding $1 billion each had hit the country last year. That marked the most in a calendar year in more than four decades of record-keeping.
Catastrophes, higher building costs, and inflation are all impacting commercial underwriting performance and insurer profitability. Proper portfolio valuation is becoming exponentially important as the reinsurance market tightens. So, how can insurance companies better manage their books of business now and into an uncertain future? The answer is rooted in addressing valuation issues by tapping third-party vendors. The answer is tied to partnering with a robust digital platform provider. The answer is collaboration.
In the past, it was easy for insurers to dismiss data as untrustworthy because they didn’t want to invest in it. Now, third-party vendors present necessary advances that help to paint the bigger picture. Platforms like OneShield are the glue that brings these tools together. And, not just for underwriting purposes. In the commercial lines business, customers are generally good risk management partners. OneShield and its customers have seen tremendous engagement with agents and policyholders who want to proactively manage risk. Failing to enable that is a missed opportunity.