2015 ICTA Nomination. Technology by Opta Information Intelligence.
As Canada’s largest Property & Casualty aggregator, Opta’s unique data solutions provide significant lift to some of the most advanced industry models utilized by the largest and most sophisticated insurers in Canada, including Johnson Inc. The solution uses a vast amount of data specific to roof top geo-coded locations and sophisticated modelling techniques.
In 2014, Johnson Inc. acted as an early adopter of the Peril Score solution. In initial phase, Opta’s Research and Development team processed and reviewed the Johnson’s claim history and the ability of the Peril Scores to predict the claims. The study proved extremely successful as results proved highly predictive of the future along with the ability to yield extraordinary lift. Combined with Johnson’s own models, these findings provided significant value to Johnson in their decision to move forward with full adoption of the solution into their Property business.
Leveraging webservices, proprietary tools and well-designed structures, OPTA integrated Peril Score services within the iClarify interface currently utilized at point-of-sale at Johnson Inc. This integration allowed for a turn-key solution with the ability to immediately turn on Peril Score services for quote and new business processing and allow front-line staff to make quick and efficient decisions regarding a risk. Opta worked with Johnson Inc. to define thresholds for peril ratings and the appropriate action to be taken by staff by varying thresholds.
Front-line staff log in to Opta’s iClarify web portal, enter in any particular Canadian property address for the retrieval of construction features for the determination of the property’s replacement cost, and concurrently, iClarify calls the Peril Score webservice. Peril scores are then displayed for the particular property in a ‘Peril Score Tab’ within the iClarify site.
Furthermore, Johnson’s in-force policy book was updated with scores utilizing the iClarify batch services utility.
Ultimately, utilizing Peril Score, Johnson Inc. has the ability to achieve superior Property results in the Canadian Property & Casualty industry.
Benefits
By utilizing the Opta Peril Score solution, Sales, Underwriting and Pricing and Actuarial departments at Johnson Inc. have been empowered to quickly and efficiently:
- Identify properties that are more at risk for claims frequency and severity;
- Drive individual risk and pricing selection;
- Efficiently and accurately target properties requiring physical inspection;
- Maintain competitiveness and protect from anti-selection;
- Improve their ability to rate for risk.
About Johnson Inc.
For more than 130 years, Johnson Inc. has been delivering high quality home and auto insurance and group benefits to Canadians. Today, Johnson Inc. is one of the country’s leading and fastest growing providers of insurance products and benefits. For more information, visit www.johnson.ca.
Source: Johnson Inc.
