The solution offers a level of granularity not usually found in insurance products, including distance calculations, elevation statistics, and market data
Milliman PinPoint is an advanced insurtech software solution for insurers. (Credit: Free-Photos from Pixabay.)
Milliman, a US-based actuarial and consulting firm, has launched Milliman PinPoint, an advanced insurtech software solution for insurers.
The company has developed the new solution to enable insurers cost-effectively evaluate, price, and market residential property and flood products through location-level geospatial information that can be customisable for each user.
Milliman GIS consultant Garrett Bradford said: “Insurers are looking for ways to take advantage of geographic information systems (GIS) technology and apply it to better understand their current and future customers.
“PinPoint offers a way for insurers to zero in on a property’s risk, and can be especially valuable for companies thinking of entering new markets such as private flood or adopting more granular rating strategies in their existing markets.”
PinPoint solution delivers data and insights to customer systems using simple APIs
The company said that its Milliman PinPoint has already been implemented by the North Carolina Rate Bureau (NCRB), and is being used for members offering private flood insurance in the state.
The new PinPoint solution would deliver data and insights to customer systems at the point of decision, using a simple application program interface (API). It offers a level of granularity not usually found in insurance products, including distance calculations, elevation statistics, and market data.
The API would also provide company-specific rating algorithms, delivering premium calculations and customisable rating territories across all 50 states.
The algorithms would help insurers and managing general agents (MGAs) looking to quickly and efficiently launch new products in emerging markets, including private flood in the US.
Milliman said that its PinPoint solution has been customised by its property insurance experts to fit specific business objectives for its clients.
NCRB personal lines director Andy Montano said: “PinPoint provides a rating solution for insurance companies that can be readily adopted without spending IT resources and significant up-front costs. PinPoint is an important option we offer our member companies, making it easy to implement the recently-approved NCRB flood programme.”