Pinpoint Predictive, which provides “predictive power” to carriers and MGAs, has partnered with Ohio Mutual Insurance Group, to use applied data and analytics to more accurately predict and evaluate loss risk for the mutual insurer.
Pinpoint Predictive said it offers a unique, turnkey solution that allows carriers to leverage the predictive power of behavioural economics, big data, and deep learning for risk selection and determination of customer journey, while maintaining high standards in privacy safeguards. These capabilities enable insurers to more precisely identify loss and other unreported/underreported risk, and to create more satisfactory customer experiences for the majority of customers.
Ohio Mutual Insurance Group, founded in 1901 and based in Bucyrus, OH, 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.
Pinpoint said industry experts estimate that the average US family pays up to $700 in extra insurance premiums each year to account for the $80bn in losses experienced due to fraud and premium leakage (underpriced policies due to both intentional and inadvertent mischaracterization of a customer’s insured risks).
The partnership will see Ohio Mutual Insurance Group leverage the Pintpont platform to identify premium leakage and avoid unnecessary loss.
Ohio Mutual Chief Analytics Officer Susan Kent, “It’s [Pinpoint’s tool] 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.”
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