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.
• 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.
• 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.
• 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.
• 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.
• 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 Year2014
• 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.