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ITA Pro Weekly, March 25,2021

Joys of data wrangling, Next/Amazon mashup, comparative rater culprit

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Founded in 2012 with deep roots in the computer science labs at Stanford and UC Berkeley, Trifacta specializes in data preparation technology. More than 50,000 Data Wranglers across 12,000 companies use Trifacta solutions. Christopher Moore, Director for North American Sales Engineering and Solutions, Trifacta, looks at how outdated data analysis systems are keeping insurers from realizing the full benefits of big data.

“The tools insurers have used for the last 20+ years are generally not good at keeping up with the amount of volume they need to handle in 2021. Those tools are much more limited in enabling people to really understand the data they are working with and don’t provide insights for how to use it. Relying on those manual processes and tools negatively impacts both workflows and overall performance.”

 

From omnichannel to digital transformation to AI, the InsurTalk podcast from Guidewire brings you expert insights from people who have driven innovation and turned possibilities into realities. Check out the first few episodes, featuring leaders from Aviva Italy, Economical Insurance, WSIB, and Farmers Insurance.

 

Digital insurtech Next Insurance is partnering with Amazon Business to provide eligible members the opportunity to access customized small business insurance. This partnership will allow Business Prime members to easily obtain a quote from Next Insurance and quickly purchase General Liability, Professional Liability, Workers' Compensation, Commercial Auto, and Tools and Equipment insurance coverage.

"We know that small business owners are looking for innovative and cost-effective ways to streamline their businesses and save time, and that's what this partnership with Next Insurance helps achieve," said Todd Heimes, Director of Amazon Business Prime. "We believe Next Insurance offering products to Business Prime is another example of how this program provides value and benefits to members."

There’s a crash coming to the personal – and small commercial – lines worlds. It could shake the very foundation of how carriers both measure and accept risk. Unfortunately, it seems like most carriers are not prepared for what’s about to happen. The culprit is comparative raters, according to Bob Frady of HazardHub.

“Carriers will get zone-level (ZIP code, rating territory, etc.) inaccuracies exposed almost instantly. Any zone that has the wrong price will result in either losing good business because the price is too high, or getting adversely selected because the price is too low. If you’re not writing either on micro-segments or individual property characterizes and risks, your mistakes will get instantly exposed and abused with a comparative rater.”


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