Sequoia Insurance and Marshall & Swift/Boeckh (MSB) have entered into partnership to provide the commercial contents benchmarking solution that helps insurers measure the risk in order to price commercial policies appropriately.
MSB said that this benchmark technology will improve the accuracy of writing contents values on commercial policies and it will also drive significant bottom-line improvements to insurance carriers’ book of business.
Under this agreement, Sequoia Insurance will more accurately measure the risks insured and collect premiums equal to these risks insured, correcting the undervaluation of policies and reducing operating ratios for the carrier.
The benchmark will also help carriers to eliminate the adverse selection by providing a new source of premium revenue, while offering the most accurate premium quotes for commercial policies.
In addition, carriers can more accurately assess which industry segments they are performing well in and which segments need improvement.
MSB CEO Salil Donde said this agreement marks the first partnership of its kind to offer a solution to address this growing industry challenge through innovative technology advancements and detailed business data.
Sequoia Insurance vice president & CIO David Brandeis said with MSB’s benchmarking technology, Sequoia Insurance can improve policy risk pricing with more accurate data, creating better policy pricing and coverage.
MSB is a supplier of local building cost information as well as residential and commercial property valuation technology and services in the US and Canada.