Risk assessment is the basis of every insurance product. However, a new reality is emerging: Risk assessment is no longer aimed at broad sectors of the population, but, based on data about individual and their environment, can be tailor-made: From one-size-fits-all to mass customization. In short: n = 1. That's exactly why dynamic pricing is getting so much attention in the industry. The potential benefits of dynamic pricing are, therefore, huge. The million dollar question is: What do insurers have to do to realize those benefits?
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