Pinpoint helped reduce Loss Ratio by 4 points on personal auto Client: National Auto Carrier Line of Business: Auto Insurance Number of Policies: 714,577 Average Premium: $2,495 Use Case Focus: Customer Acquisition Challenges for Auto Insurers: The combined ratio for personal auto has worsened from 92.5% in 2020 (the best result in 25 years) to…
Litigation is a BIG deal for Insurers. Carrier Management reported in June the 2023 the Insurance Litigation Report released by Lex Machina revealed insurance cases increased over the last three years with 18,912 insurance cases litigated in federal courts in 2022, a 30% increase over the prior year, while P&C Specialist reported a study of 34 personal lines carriers revealed that legal expenses surged an average of 56% between 2019 and 2022.
Non-weather water damage claims are a big problem for insures and have continued to be the second leading cause of home insurance claims since 2016. Although catastrophic claims typically receive all the headlines in the news, it is the frequency and commonality of non-cat water damage that poses more of an issue for insurers nationwide.
Carrier Management publishes article by Shannon Shallcross, Pinpoint’s Head of Client Services on the consequences for P&C insurers to not innovate and how by not doing so, can lead to being at a significant competitive disadvantage. Shannon asks the questions of insurers, “Do you welcome innovation? Do you have a company culture that allows people…
Pinpoint Predictive Announces Martin Ellingsworth Joins as Strategic Advisor You can read the full press release announcement here. PRNews publishes announcement Pinpoint Predictive Inc, a leading risk selection platform helping P&C insurers to fast-track profitable growth, is thrilled to announce Marty Ellingsworth to its distinguished team of Strategic Advisors. Marty’s impressive background and expertise comes…
Pinpoint helped reduce Loss Ratio by 3 points with Claims Severity Predictions Client: National Auto Carrier Line of Business: Auto Insurance Number of Policies: 714,577 Average Premium: $2,495 Challenge for Auto Insurer: A national auto insurance carrier looked to augment their modeling and solve the problem of balancing business against increasing claim payouts, increasing costs…
Pinpoint Predictive CEO, Scott Ham, was interviewed by Insurtech Insights and is featured in its Leadership Spotlight. The interview discusses how leveraging new intelligence is game-changing for P&C insurers and predictive analytics can help provide a path to profitability in the increasingly complicated world of insurance. Scott highlights how Pinpoint’s loss predictions and risk scores…
Auto insurers are feeling enormous pressure from inflation and other economic conditions playing out in the US market. Fraudulent accident claims or scams and auto thefts are rising across the US, and costs associated with insuring drivers and their vehicles are simply just getting more costly on both consumers and the insurers who protect the drivers. It makes for a perfect storm of challenges impacting the auto insurance industry.
Digital Insurance publishes article by Shannon Shallcross, Pinpoint’s Head of Client Services on what is the next data frontier for P&C insurance. Insurers are encouraged to innovate for the future and take advantage of the resources available to them now that can significantly improve efficiency, operations, and ultimately sustainable profitability with competitive advantage. Shannon also…
Pinpoint Helped Identify an Additional 6% of Claimants Likely to Seek Attorney Representation Client: National Auto Insurance Insurer Line of Business: Auto Insurance Model Trained: 130,000 Claimants Use Case Focus: Claims and Litigation A national insurance carrier partnered with Pinpoint to receive Risk Scores identifying the likelihood of Third-party Claimants to seek Attorney Representation. With…
