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In the auto insurance industry, relying solely on traditional analytics is like driving using only the rearview mirror.

Many firms depend on lagging indicators, such as loss ratios developed six to twelve months after the fact, to assess profitability.

This approach has been standard practice for decades.

But it doesn’t provide the agility needed to succeed in today’s competitive landscape.

At VERVE, we keep our eyes on the road ahead by combining external data with our internal analytics.

This shift in focus from lagging to leading indicators helps us stay ahead of the curve.

Here’s how our forward-thinking analytics divert from traditional views of insurance:

𝗧𝗿𝗮𝗱𝗶𝘁𝗶𝗼𝗻𝗮𝗹 𝗠𝗲𝘁𝗿𝗶𝗰𝘀: 𝗥𝗲𝗮𝗿𝘃𝗶𝗲𝘄, 𝗟𝗮𝗴𝗴𝗶𝗻𝗴 𝗜𝗻𝗱𝗶𝗰𝗮𝘁𝗼𝗿𝘀
– Rely heavily on historical data
– Internal-focused
– Slower response to market changes

𝗡𝗲𝘄 𝗠𝗲𝘁𝗿𝗶𝗰𝘀: 𝗙𝗼𝗿𝘄𝗮𝗿𝗱 𝗩𝗶𝗲𝘄, 𝗟𝗲𝗮𝗱𝗶𝗻𝗴 𝗜𝗻𝗱𝗶𝗰𝗮𝘁𝗼𝗿𝘀
– Utilize real-time, predictive data
– Combine external and internal insights
– Enhance decision-making speed and accuracy

The depth of our data analytics gives us a strategic and competitive edge.

By peeling back the layers of data, we find actionable insights that traditional methods overlook.

Our approach involves using a blend of internal, external, and competitive data to map out the entire lifecycle of specific niches and business segments—from the initial quote through to the policy’s end and actuarial results.

This comprehensive use of data allows us to tie A through Z, offering a complete picture of which strategies will succeed.

It’s this attention to detail and focus on leading indicators that helps VERVE compete in the auto insurance market.

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