Main Street America Rolls Out Multivariate Personal Lines Rating

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 has been launched in Vermont under Main Street America’s Main Street America Assurance Co. carrier. Within the next 12 months, the new rating program will be launched on a state-by-state basis to all 16 states where the insurer writes business, according to Sharon Petrell, assistant vice president of Main Street America’s marketing and integrated solutions department.

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 said the launch also reflects 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,” Parker added.

The Main Street America Group writes in Connecticut, Delaware, Florida, Georgia, Maine, Maryland, Massachusetts, New Hampshire, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Tennessee, Vermont and Virginia.

Source: Main Street America Group