Getting Smart by Using Predictive Models to Actionize Driver Behavior

If you missed the PropertyCasualty360 webinar with Marian Aavang, Vice President, Product, SambaSafety; Chris Delaplaine, Senior Risk Engineer, Zurich; and Ayodele Odubela, Data Scientist, SambaSafety, no need to stress! We have you covered with a comprehensive recap of the webinar.

Highlights from the webinar, focused on Using Predictive Models to Assess and Act Upon Changing Driver Behavior, included:

  • Key findings related to the mobility risk landscape for insurers include:
    • There has been a COVID-19 impact, pricing accuracy, increased severity due to frequent attorney involvement in claims and the fact that insurers are now having to embrace new technologies.
  • There are an immense amount of key mobility risks that exist. But what are we doing with that information when we find it and what are we asking the insurance agents to do with this information?
  • When working with someone new to his portfolio, Chris helps them identify current safety gaps in their safety program by looking for a list of relationships (broker, underwriting partner, customer).
    • More often than not, the broker has insight into customer.
    • Research and preparation, including loss reviews, and develop a broader understanding of the programs at hand.
    • Both SambaSafety and Zurich look at the foundational programs that are present and see if they really address that risk. This includes, has there been a change in policy on your vehicle, are there new cleaning and or passenger procedures that are in place?
    • With the new technologies, are workers really being worked with to be trained on the technologies that exist within the vehicles?
  • There is an influx of data out there and clients need to be coached on how to manage this.
  • SambaSafety focuses first off on segmenting risk into low, medium and high is beneficial and can be done by partnering with a third party who has expertise. From there, you can assess and really understand what your portfolio of drivers looks like.
    • More often than not, by doing this you discover more drivers than once previously expected. Especially due to COVID-19 making people pivot and change roles (i.e. restaurant waiters doubling as delivery drivers) there is a lot of hidden or once unconsidered risk now at play.
  • How often do you refresh your safety policy? Is it crystal clear of the mobility risk attempting to be mitigated?

To hear the whole webinar and learn more about how predictive models assess and help companies act upon changing driver behavior, view to the webinar on-demand.

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