INSURANCE TECHNOLOGY

Pinpoint Predictive Announces Partnership With Ohio Mutual Insurance Group

Pinpoint | April 21, 2022

Pin_point_Predictive
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, 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.”

Ohio Mutual Chief Analytics Officer Susan Kent.

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 organization such as Ohio Mutual to our growing list of insurers and MGAs who are leveraging the Pinpoint platform for unmatched risk selection.”

Scott Ham, CEO of Pinpoint Predictive.

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.

Spotlight

Historically, many organizations believed that their existing insurance policies — general liability, commercial property or business interruption, among others — would cover them in case of a cyber breach. This is often no longer the case. A key turning point in public perception came after a recent high-profile cyber-attack on a major media company. The firm’s general liability underwriter went to court and successfully got a preemptive ruling establishing that the breach was not a covered incident. This proved to be a wake-up call for many businesses.


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INSURANCE TECHNOLOGY

Insurance Care Direct Responds to IRS Summons on Insurance Policies Carried by Company

Insurance Care Direct | June 07, 2022

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INSURANCE TECHNOLOGY

ZENTIST IMPROVES THE VERIFICATION OF INSURANCE ELIGIBILITY AND PATIENT BENEFITS

Zentist | June 08, 2022

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Socotra Acquires Avolanta to Add Unified Agent and Customer Portal to Its Advanced Policy Core

Socotra | May 21, 2022

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AM Best Revises Outlooks to Stable for Hanwha General Insurance Company Limited

AM Best | July 06, 2022

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Spotlight

Historically, many organizations believed that their existing insurance policies — general liability, commercial property or business interruption, among others — would cover them in case of a cyber breach. This is often no longer the case. A key turning point in public perception came after a recent high-profile cyber-attack on a major media company. The firm’s general liability underwriter went to court and successfully got a preemptive ruling establishing that the breach was not a covered incident. This proved to be a wake-up call for many businesses.

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