Pinnacle Actuarial Resources has teamed up with Carfax Banking & Insurance Group to deliver actionable, data-driven insights to automobile insurance carriers, the two said in a statement last week.
The Auto Insurance Analytics Group, powered by the two partners, will help insurers benchmark their books of business against the broader market and identify adverse selection trends in areas such as annual mileage, ownership history and damage events.
Members that contribute data will receive free portfolio benchmarking across policy coverages, classes, and types to help them identify areas of opportunity. In addition, Carfax and Pinnacle will provide a free analysis of the vehicle history characteristics in the insurer’s auto book, highlighting performance compared to industry averages and adverse selection trends.
Other benefits include VIN-level access to customized vehicle history data tests and access to Carfax vehicle scoring.
Members will also have the opportunity to subscribe to additional standard reports and customized analytics to obtain maximum value from the data.
Data contributed by members of the Analytics Group remains strictly confidential. The Analytics Warehouse contains no personally identifiable information. Policy and claims data are never released, and all participants and policy identifiers are anonymized.
Roosevelt Mosley, Pinnacle Principal and Consulting Actuary, noted that insurers will benefit from the partnership with proven, actionable data to drive their bottom lines and David Lackey, General Manager of the Carfax Banking & Insurance Group, noted the potential for insurers to improve underwriting, rating and claims processes. “We’re leveraging our database of nearly 20 billion records to provide industry insight you can’t get anywhere else,” Lackey said in a statement.
Pinnacle is an independent, full-service actuarial firm focused on the property and casualty insurance industry with its home office in Bloomington, Ill.
Carfax, a unit of IHS Markit, helps people shop, buy, own and sell used cars with solutions powered by Carfax vehicle history information.
Source: Pinnacle Actuarial Solutions, Carfax