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The Main Street America Group Introduces Personal Auto MVP

The Main Street America Group Introduces Personal Auto MVP  
Filed under:
News
on 05/01/2007

Source: The Main Street America Group

The Main Street America Group announced today the launch of its Personal Auto MVP (multivariate program), a rating program designed to provide greater pricing flexibility for the super regional property-casualty insurance carrier's new personal auto policies. Personal Auto MVP features predictive modeling, or multivariate rating, which considers a variety of risk characteristics simultaneously, as well as the interactions and correlations among these characteristics, to price a policy.


"Our new rating process will create billions of pricing points," said Bonny Parker, Main Street America's vice president, personal lines product. "With this greater pricing flexibility, as well as additional pricing tiers, Main Street America's personal auto product will be more competitively priced for a larger segment of our 'Main Street' market."

Parker added, "Our personal auto MVP will also reflect an expanded underwriting appetite. Based on our new underwriting guidelines, 80-85 percent of the available personal auto market would qualify for coverage by Main Street America, including drivers with one 'driving under the influence' conviction but an otherwise clean driving record. This will significantly open markets for our customer -- the independent agent."

Personal Auto MVP has been launched in Vermont under Main Street America's Main Street America Assurance Company carrier.

"Within the next 12 months, our new rating program will be launched on a state-by-state basis to all 16 states where we write business," said Sharon Petrell, assistant vice president of Main Street America's marketing and integrated solutions department.



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