LONDON--(BUSINESS WIRE)--Leveraging its forthcoming Connected Insurance Analytics Report, PTOLEMUS Consulting Group has issued a call for a fairer and more standardised way to choose driver scoring criteria to help usage-based insurers succeed from the start.
The guidelines detail the essential requirements for actuaries, marketers and data scientists to derive predictive, sensible and understandable conclusions from Big Car Data.
The 20 best practices include recommendations on how to record and process driving data, score drivers and interact with them.
“There are 14 million UBI policies today, yet most insurers still don’t know what datasets are truly useful – and acceptable to their customers,” commented Frederic Bruneteau, Managing Director.
He added that many feel unclear about the methods to effectively transform the copper of driving data into gold: an accurate risk assessment of each trip and a precise identification of the driving traits that impact the risk profiles.
To design its guidelines and write what is arguably the most comprehensive research on the insurance telematics analytics market, PTOLEMUS:
- Dissected the pricing and data management policies of the 27 largest UBI programmes: Admiral, Allianz, Allstate, American Family, AXA, Generali, Desjardins, Direct Line Group, Discovery Insure, Groupama, Ingenie, Insure the Box (Aioi Nissay Dowa), Intact Insurance, Intesa Sanpaolo Assicura, Liberty Mutual, Mapfre, Metromile, National General, Nationwide, Progressive, Reale Mutua, Sara Assicurazioni, State Farm, The Hartford, UnipolSai, Uniqa and Zurich
- Conducted 40 in-depth interviews with Telematics Service Providers (TSPs), analytics providers and insurers
- Reviewed more than 150 academic papers
- Consulted and appraised the solutions of 12 advanced analytics suppliers active in UBI, including Accenture, Cambridge Mobile Telematics, Cognizant, HERE, IBM, IMS, Lexis-Nexis / Wunelli, Octo Telematics, SAS, The Floow, Verisk Analytics and Willis Towers Watson
Follow this link to download the Advanced Analytics Best Practice Guidelines now.
A preview of the guidelines and Connected Insurance Analytics Report will be presented by Frederic Bruneteau at the forthcoming Connected Car Insurance 2016 conference on 7-8th September in Chicago. To set up an appointment during the show, please contact thomas@ptolemus.com
About PTOLEMUS Consulting Group
PTOLEMUS is the first strategy consulting & research firm entirely focused on connected mobility and the Internet of Things. It assists leading insurers, vehicle makers and service providers in defining their strategy and in the end-to-end roll-out of their telematics programmes.
