Pinpoint Predictive has announced a new partnership with Ohio Mutual Insurance Group, through which the two organisations will use applied data and analytics to more accurately predict and evaluate loss risk for the mutual insurer.
Pinpoint Predictive brings individualised intelligence to insurers by applying deep learning, big data and behavioural economics to accurately predict risk propensities at the top of the funnel and pre-renewal process.
According to the company, this AI-powered platform has revealed US$100s of millions in bottom-line value for Top 10 insurers by assessing key actionable areas for loss ratio improvement, including predictions of loss cost, premium leakage and SIU referral as well as an individual’s likelihood of early cancellation, likelihood to commit fraud, or litigiousness.
“This new tool offered by Pinpoint Predictive is a promising approach,” said Ohio Mutual Chief Analytics Officer Susan Kent, “and we believe it’s an innovative way for us to be even more precise in our identification and mediation of circumstances where loss is more likely to occur. Through the thoughtful application of this technology, we hope to ultimately create even more equitable experiences and products for our members.”
Helping customers avoid unnecessary losses
Founded in 1901, Ohio Mutual Insurance Group partners with nearly 400 independent agencies to distribute quality property and casualty insurance products throughout Connecticut, Indiana, Maine, New Hampshire, Ohio, Rhode Island, and Vermont.
Industry experts estimate that the average US family pays up to US$700 in extra insurance premiums each year to account for the US$80bn in losses experienced due to fraud and premium leakage (underpriced policies due to both intentional and inadvertent mischaracterisation of a customer’s insured risks).
“We are excited about working with Ohio Mutual and deploying the predictive power of Pinpoint to identify premium leakage and avoid unnecessary loss,” says Scott Ham, CEO of Pinpoint Predictive. “We are proud to add a forward-thinking organization such as Ohio Mutual to our growing list of insurers and MGAs who are leveraging the Pinpoint platform for unmatched risk selection.”