Historically, insurance companies have used static data to evaluate overall risk exposure and develop rates. Many of these traditional underwriting and pricing factors are proxies for how, how much, where, and when a vehicle is operated. But dynamic data sources are now available that directly measure the true risk in real time and improve risk segmentation. Companies that effectively incorporate emerging internet-of-things data with advanced analytics will have a competitive advantage, and those who do not will be subject to adverse selection.
Octo Telematics has collected over 200 billion miles of driving data from an array of sensors as well as other IoT sources. Its databases also include useful crash and claims as well as traditional policy data. By applying advanced techniques to this data, Octo Telematics is able to develop risk models that are three or more times more powerful than traditional rating factors. This helps its customers convert new data streams into a better, faster, and more accurate pricing model.
Hear Aite Group senior analyst Greg Donaldson and Octo group vice president Geoff Werner as they discuss how you can incorporate better, more dynamic data into your underwriting process and generate more accurate rates for your customers.
Who should attend:
- Insurers looking to better understand their exposure
- Insurers looking to keep up with pricing trends in the industry
- Insurers that need to improve their current pricing models or start to shift to more dynamic pricing
Senior Analyst, Insurance
Group Vice President, DriveAbility & Consulting
Geoff Werner has over 30 years of experience in the insurance industry, where he has specialized in pricing and product management. Werner joined Octo in 2017 as Group Vice President DriveAbility and Consulting following 7 years at Willis Towers Watson where he was the Global Telematics Product Leader. Prior to Willis Towers Watson, Geoff held a variety of positions at two top 10 US insurance companies and started his own consulting firm which he ultimately sold to Willis Towers Watson. Throughout his career, Werner has focused on the implementation of new products and processes leveraging innovation, including: developing and managing the DriveAbility product to provide telematics scoring services for participating insurers, implementing new rating and tiering plans using new analytical techniques, improving management information processes and assisting companies analyze and respond to legislative changes. Werner is a leading expert in pricing as evidenced by the fact that he co-authored the textbook that the Casualty Actuarial Society (CAS) uses to teach ratemaking to all actuaries.
For more information about this topic or other Aite Group services, please contact us at email@example.com.
For more information about Octo Telematics, please visit www.octotelematics.com .
This webinar sponsored by Octo Telematics and is available to the public to view on-demand below.