The time line and legacy of Peter M. Wells
1980
• Synthesizes the formula for Insurance to Value (ITV) and defines what is to become the industry standard in P&C business practices.• Codifies the modern sq. ft./room count estimating program which is immediately adopted by financial institutions to develop home insurance coverage limits and mortgage appraisals.
1996
1996• Creates the "Total Component" method of estimating.
• Adopted by P&C writers throughout North America. Authors "Insuring to Value" with national underwriter.
• Wells' contribution becomes THE roadmap for valuation and premium generation strategy in the financial services industry to this date.
• Perfects the first portfolio "outsourcing" process for property insurance which enables companies to generate hundreds of millions in revenue annually from the recovery of otherwise lost premiums.
2006
2006• Earlier solutions realize recovery of $8B in lost premiums for the P&C industry.
• Conceives and launches break-through analytics methodologies and predictive alternatives to credit.
• Authors second book; a business roadmap for the financial services industry; core strategies become widely adopted.
2010
2010• Conceives and designs first "econometric estimating" program for valuatoins; an alternative property lines strategy positioned to recover $12B in lost premiums.
• Champions new portfolio management system to mortgage lenders; 20B revaluation upside imminent.
• Introduces self-generated fix for U.S. financial markets; working with congress.
2013
2013• Identifies emerging construction data sources that enable the development of the first property specific systems predicting nearly 90% of non-catastrophic property claims exposures so losses need not occur. Over $5 billion in annual net new savings identified for the P&C industry with extensive risk specific information to support each property evaluation.
2014
2014• Introduces the first cloud-based technology for enhanced communications and communications monitoring in the insuring process, a program with analytics that demonstrates how to improve customer relations scores, image and overall retention with dramatic cost savings over traditional mail and phone mediums.
2014 Mid Year
2014• Introduces remarkable new technologies with significant and very positive financial impact at the recent Brian Sullivan Property Insurance Report (PIR) Conference held in Scottsdale, AZ.
• The PIR Conference provides an excellent forum for executives in the P&L insurance space to see what’s new in predictive analytics, innovation and overall book of business management, and what the next generation of insurance innovation looks like.