Pinpoint Predictive Launches the First Deep Learning-powered Prediction of Individual Customer Profitability Available at Top-of-Funnel
San Mateo, California–November 17,2022 – Pinpoint Predictive announced today the release of the first deep-learning-powered, top-of-funnel individual customer profitability and loss prediction available commercially. Providing claims frequency, severity, and loss cost predictions, this new solution brings the earliest, and most accurate, profitability predictions into the hands of Property and Casualty insurers.
By focusing the solution on the top-of-funnel, and prior to filed rating, underwriting, or any outcome determination, Pinpoint provides insurers with unprecedented flexibility in creating relevant customer journeys to better manage their book of business. The Pinpoint Loss Prediction solution joins Pinpoint’s Risk Scores, which insurers are using to predict an individual’s likelihood for litigation, SIU referral, early cancellation, or premium leakage. Both products are available for risk selection at top-of-funnel and pre-renewal.
“Insurers accept risk onto the books, while at the same time reiterating the belief that ‘there is a rate for every risk’, because there is still a belief that risk is the price you pay for opportunity, or maybe more precisely – for growth,” says Scott Ham, Pinpoint Predictive CEO. “We do not believe in this false dichotomy. There is a path to profitable growth, but that path involves understanding individual-level risks much more accurately and earlier in the purchasing cycle, and that is exactly what our Loss Predictions provide to our clients.”
Pinpoint is currently working with home, auto, and small-business insurers to deploy data-driven, micro-segment strategies to unlock tens to hundreds of millions in yearly savings. Sample implementations include growth initiatives (e.g., lead scoring and prioritization, book-roll profitability analysis, and comp raters), customer journey orchestration based on micro-segmentation, and profitability-driven renewal strategies.
