Best Practices in Analytics
While the UBI market has grown to 14 million policies (as of March 2016), many insurance companies are still unsure as to what driving data is useful to them and acceptable to their customers.
Many also feel unclear about the method to effectively transform the copper of driving data into the gold: an accurate risk assessment of each trip and a precise identification of the driving traits that impact the risk profiles.
It is with that in mind that we decided to issue guidelines on the best practices in analytics.
The guidelines detail the essential requirements for actuaries, marketers and data scientists to derive predictive, sensible and understandable conclusions from Big Car Data.
The 20 best practices on deriving intelligence from connected insurance data include recommendations on how to record and process driving data, score drivers and interact with them.
- Dissected the pricing and data management policies of the 27 largest UBI programmes: Admiral, Allianz, Allstate, American Family, AXA, Generali, Desjardins, Direct Line Group, Discovery Insure, Groupama, Ingenie, Insure the Box (Aioi Nissay Dowa), Intact Insurance, Intesa Sanpaolo Assicura, Liberty Mutual, Mapfre, Metromile, National General, Nationwide, Progressive, Reale Mutua, SaraAssicurazioni, State Farm, The Hartford, UnipolSai, Uniqa and Zurich
- Conducted 40 in-depth interviews with Telematics Service Providers (TSPs), analytics providers and insurers
- Reviewed more than 150 academic papers
- Consulted and appraised the solution of 12 advanced analytics suppliers active in UBI, including Accenture, Cambridge Mobile Telematics, Cognizant, HERE, IBM, IMS, Lexis-Nexis / Wunelli, Octo Telematics, SAS, The Floow, Verisk Analytics and Willis Towers Watson
We hope you find them useful.