RISK MANAGEMENT –
How many miles
driven by insured?
is driving the insured Car?
the auto garaged?
The demographic landscape of the US is
going through unprecedented changes and is constantly
shifting the market, culture, buying habits, insurance
risk and much more. As this demographic shift integrates
in our society – extended families, changes in commuting
patterns, garaging habits and additional drivers – the
insurance industry has to device strategies to deal with
these risk parameters.
P&C Insurance industry is going through
significant price pressures cutting in to their premium
growth & profitability. Tighter underwriting and risk
management philosophies are the only cure in the short
term and must be adopted as long term strategies.
At insuranceisland we have been at
the forefront of these issues and have developed very
innovative, simple and effective solutions.
is the most significant contributor to “premium leaks”
over 4% and costing the insurance industry billions of
dollars. Our solutions are geared to recover more than
90% of the leak with in the first renewal cycle!
Our Process is efficient, proven and
repeatable. We follow these three simple steps
Customer contact and Process (ACP)
The analytics step of the ACP uses
RiskStrobe our technology platform to generate reports
to understand your client profile and design a strategy.
During this phase we will work very closely with your
underwriting and product management team and will have
several discussions related to targeted segments.
Once we identify and develop Mileage Risk
Map (MRP) we will discuss with you about our Customer
Contact process of the ACP. This second step is a
crucial step that is tailored to specific segments to
achieve a very high success rate.
ARE THE OPERATORS?
During New business the agent assigns
drivers based on information gathered at that time.
However as time progresses there are hidden drivers –
close relatives in extended families such as grand
parents, cousins and others. Perhaps a teenager has just
got his / her license! Often insurers find out about these
drivers a little too late.
Our simple ACP methodology outlined
before is guaranteed to deliver results. Our analytics
will provide clear insights in to premium leak in dollars
due to this factor and provide you a breakdown on the next
steps providing you a return on Investment that is
unparalleled in the industry. RiskStrobe combined
with our Insurance Processing Center (IPC)
is the cure for detecting premium leaks.
WHERE IS THE VEHICLE GARAGED?
Various industry research places this as
one of the top three factors for premium leaks. The
demographic transformation we are going through is brewing
this problem and this risk is expected to be dominant in
the next ten years.
Insuranceisland has the most comprehensive
external data sources -- House hold information – age,
sex, DOB etc., crime index, public records, and much more
to fuse and generate alerts. For detailed information of
RiskStrobe please review our technology brochure
about RiskStrobe. RiskStrobe is a detection engine
developed by our analysts and Professor Dr. Rotenstreich.
RiskStrobe is based on SaTScan and Data
Insurance Processing Center (IPC)
is our call center to provide end-to-end
service to our insurance clients. IPC is staffed with
experienced licensed insurance agents, underwriters and
CSRs. Our people are direct extension of your
operation with deep experience in P&C insurance.
For Information or to schedule a
(866) INS-ISLE or (440) 498 7484
brochure about Insurance Premium Leaks**