Ohio Mutual Insurance Group has teamed up Pinpoint Predictive to tap applied data and analytics to more precisely forecast and assess loss risk.
According to industry experts, it is estimated that the average family in the US pays up to $700 in additional insurance premiums annually to account for the $80bn in losses experienced as a result of fraud and premium leakage.
Pinpoint Predictive provides turnkey solution that enables carriers to tap the predictive power of behavioural economics, big data, and deep learning for risk selection and determining customer journey, while ensuring standards in privacy safeguards.
These capabilities allow insurers to accurately find loss and other unreported/underreported risk, and to create a satisfactory experience for customers.
Ohio Mutual chief analytics officer Susan Kent said: “This new tool offered by Pinpoint Predictive is a promising approach, 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.”
Pinpoint Predictive CEO Scott Ham said: “We are excited about working with Ohio Mutual and deploying the predictive power of Pinpoint to identify premium leakage and avoid unnecessary loss.
“We are proud to add a forward-thinking organisation such as Ohio Mutual to our growing list of insurers and MGAs who are leveraging the Pinpoint platform for unmatched risk selection.”