Understanding Property Risk in a Legacy Book
Understanding Property Risk in a Legacy Book
A legacy book consists of the accumulation, over several years, of various sub-portfolios with different risk profiles based on different underwriting frameworks. A top-10 national carrier approached ZestyAI with a legacy book filled with properties of unknown risk and a worsening loss ratio.
Understanding Property Risk in a Legacy Book
Portfolio Quality Review
ProblemA legacy book consists of the accumulation, over several years, of various sub-portfolios with different risk profiles based on different underwriting frameworks. A top-10 national carrier approached ZestyAI with a legacy book filled with properties of unknown risk and a worsening loss ratio.
ProcessWithout any investment in IT resources, ZestyAI and the carrier began a three-stage process: defining the scope of the review, assessing the risk of the book, and acting on the high-risk policies.
ResultsThanks to this simple workflow, the insurer was able to isolate the riskiest properties in their legacy book, assign the appropriate action to address this risk, and assure the continued profitability of their book. The carrier improved its action rate to approximately 60% on manually reviewed properties.
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