SAN MATEO, Calif.--(BUSINESS WIRE)--Pinpoint Predictive is pleased to announce a new partnership with Ohio Mutual Insurance Group, through which the two organizations will use applied data and analytics to more accurately predict and evaluate loss risk for the mutual insurer.
Industry experts estimate that the average U.S. family pays up to $700 in extra insurance premiums each year to account for the $80 billion in losses experienced due to fraud and premium leakage (underpriced policies due to both intentional and inadvertent mischaracterization of a customer’s insured risks).
Pinpoint Predictive offers a unique, turnkey solution that allows carriers to leverage the predictive power of behavioral economics, big data, and deep learning for risk selection and determination of customer journey, while maintaining the highest standards in privacy safeguards. These cutting-edge 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.
“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.”
“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.”
About Ohio Mutual Insurance Group
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. Ohio Mutual has maintained a rating of “A / Stable” from A.M. Best Co. for 29 consecutive years and has been named to the Ward’s 50® eight times since 2009.
About Pinpoint Predictive, Inc.
Pinpoint Predictive brings individualized intelligence to insurers by applying deep learning, big data and behavioral economics to accurately predict risk propensities at the top of the funnel and pre-renewal process. This AI-powered platform has revealed $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.