Pinpoint Predictive Launches Its Platform for Florida Home Insurers to Reduce Frictional Costs With TRUE
SAN MATEO, California--(BUSINESS WIRE)--Oct 11, 2021--
Pinpoint Predictive, the leading platform providing powerful new predictive signals to insurers via individualized data enrichment and explainable analytics, has entered into a relationship with Trusted Resource Underwriters Exchange, or “TRUE”, a property carrier focused on coastal homeowners’ insurance.
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Pinpoint Chief Executive Officer Scott Ham said the product was created specifically for the Florida market because home insurance costs are significantly higher there than in the rest of the country. “We’re pleased that TRUE is deploying Pinpoint’s Florida modeling to help identify and address drivers behind the increasing cost of insurance for homeowners in the Sunshine State,” Ham said.
Pinpoint Founder Avi Tuschman added: “Innovating this game-changing product entailed training our algorithms on massive amounts of new data linked to 14 of the largest home insurers in the state.”
Michael Lorion, CEO of TRUE, said: “Pinpoint’s explainable visualizations reveal what drives human behavior, and also the interesting reasons why conventional data have missed the signal on this important issue. We see the OnPoint platform as an important step forward in predicting behavior and ultimately reducing frictional costs and premiums for our members.”
About Pinpoint Predictive
Pinpoint provides an insurance-specific data enrichment and analytics platform to help carriers optimize risk selection at the point of quote. Pinpoint’s proprietary scores leverage the latest advances in behavioral economics, artificial intelligence, and privacy safeguards. Clients have experienced significant boosts in predicting claims frequency, SIU referral, litigation, early cancellation, and home-inspection outcomes.
About Trusted Resource Underwriters Exchange
TRUE is a property insurance carrier designed to provide superior protection and service to members in catastrophe-prone areas who are actively involved in protecting their properties. With strong financial backing, broad coverage offerings and a commitment to best-in-class concierge service, TRUE offers insurance solutions through a collaborative relationship with homeowners to help prevent and mitigate risks. At the center of TRUE’s unique service model is its use of sophisticated technology in underwriting, claims, and catastrophe exposure management, all designed to ensure long-term success in higher-risk areas. TRUE has obtained an initial financial strength rating of A- with a stable outlook from A.M. Best. TRUE’s rating is supported by its strong capitalization, sound loss reserving practices, a prudent reinsurance program and excellent operational capabilities. TRUE’s focus is on members who have a keen interest in both preventing and limiting damages from hurricanes and other severe weather events in addition to preventing non-weather losses, with explicit discounts targeted for those members who take proactive preventative measures.
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KEYWORD: CALIFORNIA FLORIDA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES DATA MANAGEMENT TECHNOLOGY RESIDENTIAL BUILDING & REAL ESTATE INSURANCE SOFTWARE CONSTRUCTION & PROPERTY
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PUB: 10/11/2021 09:00 AM/DISC: 10/11/2021 09:02 AM