San Mateo, California, July 06, 2023 (GLOBE NEWSWIRE) — Pinpoint Predictive Inc., an AI-powered platform that delivers the earliest and most accurate loss predictions and risk scores, is providing an alternative for P&C insurers who are under immense pressure to exit states.
In recent weeks, the withdrawal of major players from selling new property and casualty policies in several states (California, Florida, etc.) has been shaking up the insurance market. Insurers want to tighten up during this unprecedented inflation, broadening severity of claims, and more frequent weather events. The cost of claims has exploded in recent years, and carrier rate filings are not keeping pace with the increasing claim costs.
Behind each story of an exit, cancellation, or large increase in rate is an individual customer. Many individual consumers are finding it more difficult to find coverage at rates they can afford. As more and more people fall into this coverage gap, the industry must act to fulfill its promise of offering valuable insurance protection for the next century at a fair and adequate price.
“Pinpoint is passionate about growing the industry intelligently in all lines and in all geographies, rather than leaving consumers with fewer and costlier options. We have an obligation to operate our businesses profitably for our stakeholders and offer products that protect consumers and businesses.” said Scott Ham, CEO of Pinpoint Predictive. “These fundamental premises can exist together, but the industry needs to move on from the past levers to help customers in a fair and equitable way.”
Instead of using broad classes of people, Pinpoint Predictive’s platform works at the individual level, leveraging trillions of behavioral predictors to provide the earliest and most accurate loss predictions and risk scores. These predictions and scores help insurers understand the risk cost of an individual in the most equitable and unbiased manner possible.
Pinpoint is the first to bring the power of advanced deep learning predictions to P&C insurers. Insurers are equipped with the operational ability to generate and deploy custom predictions in batch and real-time within hours. This saves an insurer both time and money by knowing each individual’s loss ratio earlier than ever before.
Instead of leaving challenging markets, insurers can leverage Pinpoint’s predictions and scores to make smarter decisions at an individual level. It is time to take the next step towards preparing the insurance industry for a more equitable, profitable, and efficient future.
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.