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October 07, 2004
A Fresh Look at Rating Territories for Auto and Homeowners Insurance
Territories offer tremendous opportunities for insurance companies to better segment their book of business, but private passenger auto and homeowners insurance companies, in general, are not using territories as effectively as they should for two reasons. First, insurers are often not as accurate with the assignment of territories as they intend. Second, companies generally do not keep their rating territories and relativities as up-to-date as they could, particularly with changing demographics.
Posted by Tom Troceen