What is the WRP Full Form in Insurance?
WRP full form in insurance is Weighted Received Premium. It is an important metric that assures the financial performance of the insurance scheme and also helps with portfolio risk management. This metric is used to calculate the insurance premiums based on the policy risk exposure. It offers a clearer perspective than premium data, as it considers the frequency of the claim, based on insurance type.
Advantages of Weighted Received Premium in Insurance:
Weighted Received Premium in insurance, helps insurers to identify the high-risk areas in the investment portfolio. The information given by WRP is important for underwriting, for management of risk, and for pricing the policy. It serves as an important tool for insurance strategic planning.
How does WRP help with risk assessment and management?
WRP improves the resource management of insurers. Insurers might require additional claims processing for high-risk policies. It helps them with resource allocation in the policy based on risk type and thereby helps in enhancing the efficiency of the insurer. Data from WRP helps insurance companies to identify high-potential policies and thereby expand into new markets.