Navigating the “Hard” Insurance Climate with AI-Powered Risk Solutions
There are significant factors putting pressure on the insurance market. Factors such as high premium prices, social inflation and unpredictable large-scale weather are adding to carrier and customers’ woes.
Insurance carriers are under immense pressure to forecast risk with accuracy and grow profitably. To simply stay afloat, many carriers are even leaving states all together such as California and Florida.
Even though the future may seem daunting, there are ways to take a strategic approach rather than a reactive one, to navigate this moment of crisis. By leveraging the power of AI, insurers can evaluate and quantify risk at an individual behavioral-level to fast track growth, both profitably and equitably.
How AI-Powered Solutions Can Help Insurers
Pinpoint’s AI-powered platform OnPoint, leverages trillions of behavioral data points using just a name and address. This unique approach works at the individual behavioral-level instead of using broad classifiers. Unlike traditional risk prediction methods (zip code, credit score etc.), Pinpoint looks at individual loss prediction and risk scores.
With deeper insights available at your fingertips, insurers are able to quantify the true loss cost of customers who might otherwise evade the radar or be unnecessarily passed over. Imagine how many customers and prospects could still benefit from insurance services without being left behind if their insurance company had access to loss predictions and risk scores and that forecasted profitability earlier than ever before to make equitable decisions.
As the effects of climate change and rising inflation become more present in our lives, it is paramount that companies adapt to these challenges quickly. Adopting predictions that are powered by deep learning and behavioral economics is an effective way to manage unpredictable times.
Concerns of Ethical AI in Risk Predictions
New technology brings concerns related to ethics and security especially when it comes to highly regulated industries like insurance. That’s why Pinpoint Predictive has certifications from Independent Third-Party Audits of Security, Privacy, and AI Modeling Bias. Pinpoint is also SOC 2 Type II Compliant and CCPA Compliant. Read more on what questions you should be asking AI Insurtechs before partnering with them.
Additionally, the privacy-safe features enable Pinpoint to maintain the level of pseudo-anonymization expected by both our client vendor management security evaluators, as well as the third party auditors who evaluate the security of our IT infrastructure and business processes.
Conclusion
If you are ready to leverage an alternate and more equitable way of quantifying the true loss cost of your prospects and customers, click here to book a call with our team.
Pinpoint Predictive, Inc.
Pinpoint Predictive provides P&C insurers the earliest and most accurate loss predictions and risk scores to fast-track profitable growth. Unlike traditional methods, Pinpoint’s platform leverages deep learning, proprietary behavioral economics data, and trillions of individual behavioral predictors to help insurers identify the risk costs associated with customers and prospects.
