PERILS - MOTOR

The private car and commercial vehicle insurance markets in the UK are fiercely competitive and claims costs have escalated in recent years. It is more important than ever for insurers to get a better understanding of risk as they write business in new areas. Business Insight has developed a number of pioneering new risk models specifically for the motor insurance market estimating collision rates, theft of or from vehicles and highlighting areas likely to have hazardous driving conditions in winter due to extreme cold weather and fog.

Drive Insight© estimates the likely risk of collision in your local driving environment and is the culmination of several man years of research, sophisticated maths modelling, significant computing resources and is underpinned by a highly granular range of explanatory variables.

Motor Theft Insight© predicts the relative risk and variation of motor vehicle theft across the UK. It is based on extensive research into crime patterns using the latest available information and takes account of the changing economic landscape of the UK. The model has been tested against external validation data and shown to be highly accurate in discriminating between high and low risk areas.

Key Benefits

  • Gain a deeper understanding of your risk exposure in areas more prone to traffic accidents in the UK across your existing book of business.
  • Grade postcodes easily into relative risk bands or RAG (Red, Amber, Green) codes to help tune the accuracy of your rating areas or to drive underwriting rules.
  • Gain insight into postcode areas where you have no experience data.
  • Discover where you need to modify your rates to reduce exposure in higher risk areas and to optimise your profitability.
  • More accurate underwriting and risk selection.
  • More precise risk assessment feeding through into bottom line benefit.

If you would like to find out more about how Drive Insight© or Motor Theft Insight© can help you please contact one of the Business Insight team.