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The Evolving Role of AI in Insurance
Multiple June 06, 2019 Posted in: Blog Posts, Pricing & Product Management
Today, insurance is more competitive and more accurately priced because of better data, computing power, customization and emerging technology. Lytx (formerly DriveCam) records 30 seconds before and after a crash. These recordings can be used to prove innocence or guilt in most cases, saving insurance companies millions in litigation costs. The insurtech boom caught many insurance companies off guard. When they did not adapt quickly enough, they lost a significant portion of their competitive position. New approaches to claims adjusting, premium pricing and underwriting will continue to arise. The best chance insurance companies have to remain relevant is to develop unique technologies and rating variables to outprice the competition.
Personalization of Insurance

During the recent Pinnacle University event, we discussed the topic of personalized insurance and its place in the insurance market. The topic of personalized insurance includes the use of more personal data and predictors to price insurance for specific customers, as well as the ability to find insurance coverage for virtually anything you need at any limits you may desire. 

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Parametric Insurance: A New Spin on an Old Product
During this year’s Pinnacle University (Pinnacle U) event, we presented an overview of parametric insurance. Unlike traditional insurance coverage, parametric insurance is not an indemnification product. Instead, it determines a benefit payable in advance of the policy purchase by estimating the loss as accurately as possible, subject to certain conditions being satisfied. The cost of the policy is based on a pre-determined trigger. Examples might include maximum sustained wind speed for hurricane coverage or earthquake magnitude as measured by the Richter scale.
Significant Reductions in Workers’ Compensation Pure Premium Rates for California
Another big California workers’ compensation rate reduction is coming, effective mid-year 2018. This will be the seventh straight decrease, with the last reduction taken January 1, 2018.

This past week, the Workers’ Compensation Insurance Rating Bureau of California (WCIRB) approved and released the pure premium rate filing, effective July 1, 2018. This rate reduction has not yet been approved by the California Department of Insurance, and is open to a public comment period and hearing.

Cost Versus Value
Chris Holt April 03, 2018 Posted in: Blog Posts, Pricing & Product Management
With every product we buy comes an expected cost and a value proposition. Our individual purchasing decisions are always based on more than cost alone.  Hence, “Is the protection plan worth it?” is in the eye of the buyer.
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