The startup develops a property and casualty insurance platform that utilizes actuarial models to generate custom Loss Predictions and Risk Scores for insurers. This technology enables companies to accurately assess claims frequency, severity, and loss costs, facilitating better consumer tracking and personalized product offerings.
Funding
$23M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Property and casualty (P&C) insurers face challenges in accurately predicting risk and potential losses, often relying on traditional variables like zip code and credit scores, which provide an incomplete view of individual risk profiles. This can lead to inaccurate pricing, adverse selection, and ultimately, reduced profitability. The industry needs more precise methods to assess risk at the individual level, early in the customer journey.
Solution
Pinpoint Predictive offers a risk selection platform that leverages individual behavioral predictors and advanced AI to provide P&C insurers with more accurate Loss Predictions and Risk Scores. The platform analyzes trillions of data points on over 250 million US adults, going beyond traditional variables to quantify the profitability of current and prospective business. By providing individual-level intelligence, Pinpoint enables insurers to improve loss ratios, segment risk proactively, and optimize business operations across marketing, distribution, underwriting, and claims handling. The platform's predictions are available with just a name and address, allowing for earlier and more effective risk assessment.
Target Audience
The primary target audience includes property and casualty (P&C) insurance carriers, specifically those focused on homeowners and personal auto lines of business, seeking to improve risk selection and reduce loss ratios.
Features
- Loss Predictions: Predicts claims frequency, claims severity, and loss costs for homeowners and personal auto insurance.
- Risk Scores: Determines the likelihood of litigation, SIU referral, non-pay cancellation, and premium leakage.
- Individual Behavioral Predictors: Utilizes a combination of deep learning and trillions of individual behavioral predictors to assess risk.
- Automated Risk Selection Platform: Provides insurers with access to predictions that focus on the individual behind the property or vehicle.
- Integration Capabilities: Can be deployed across various business operations, including customer acquisition, policyholder retention, and pre-application processes.
- Regulatory Compliance: Managed under robust regulatory compliance programs to ensure fairness, privacy, and data security.
- ROI Calculator: Quantifies the impact of financial models, highlighting loss ratio improvement and savings.