Remember when Bill Murray woke up to a screeching alarm only to face the same day over and over again in the movie Groundhog Day? Are you stuck in that same cycle when it comes to underwriting—approaching it the same way as you’ve always been? It’s likely that your practices are “good enough,” so why make a change? Here’s why: Eventually, the lack of moving forward—into a new day—will hinder performance. You will lose a competitive edge by being stuck in the same mode and missing out on key data and analytics advancements to move your business forward.
Earlier this morning, Punxsutawney Phil saw his shadow. And, you're probably thinking, "What does this have to do with my underwriting?" Just bear with the logic for a moment...Do you know how often Phil’s forecasts have been right? If he were right even 70-80 percent of the time, would you see animal predictions as rooted in science? A sound piece of data perhaps?