Opta Information Intelligence (Opta), creators of iClarify™ and Peril Score™ analytic solutions, are proud to expand their suite of services and innovations to the Canadian property and casualty (P&C) insurance industry with the launch of Inspection Score. This latest innovation is designed to help companies manage risk and mitigate against future loss by working with their customers to proactively identify homes more likely to incur future loss while also helping carriers to concretely track return on investment for inspection services.
By leveraging machine learning technology with a wealth of property inspection data through partnership with SCM Risk Management Services (RMS), Opta is uniquely positioned to deliver this solution to the market. The inspection score model predicts the probability that an inspection will uncover serious issues with the property that are likely to lead to future losses. Through several validations, Opta has seen a noticeable improvement in loss cost for inspected homes that had severe issues.
“Intuitively, we as an industry have always known that there is intelligence within inspection data and we are thrilled to deliver this unique solution to our customers through Opta,” states Patrick Garuk, President of RMS. “Further, RMS and Opta are positioned to unquestionably help our customers identify exactly how and where to invest their inspection budgets for maximum return.”
The Inspection Score model can identify the probability of specific issues for a given property ranging from poor house keeping to the condition of oil tanks and wood stoves. This allows for targeted questions at time of quote or pre-fill, improved product design, or underwriting surveys based on in-force book and recommendation engine design.
“The power of data in this case can’t be stated enough,” states Greg Gilbert, Chief Data Scientist at Opta. “With over half a million inspected properties with exceptional detail in terms of the inspectors’ recommendations, it was not difficult to create a highly predictive model. The use of machine learning may seem to be excessive in this case but we truly wanted to craft a product which would maximize our clients’ return on investment with regards to their inspections.”
With Opta’s new Inspection Score, customers are empowered to enhance risk selection, implement better loss controls, make recommendations, and maximize return on investment with their current inspection budget.
For more information please contact:
Opta Information Intelligence
Vice President of Marketing & External Communications
SCM Insurance Services