Identify High-Cost Low Frequency Bodily Injury Events
RedOptima specifically targets the peril of High Cost Low Frequency (HCLF) involving Bodily injury, for automotive insurers and risk pools.
HCLF events are high cost because they typically cost society disproportionately whether it be financially, socially, or reputationally to the frequency at which they occur. Collisions involving injury or death are relatively rare compared to the vehicle miles that get driven along the public road network and the policies and mileages insured by automotive insurers. Collisions involving injury or death can lead to millions of pounds and dollars lost for wider society for each fatal collision along with the unfortunate loss of life, and 530x the impact on claims cost compared to its frequency for insurers. HCLF is a significant liability for auto insurers and something hitherto unachievable to accurately predict and price due to the sparse data identifying collision risk likelihood.
Non-Telematics and Telematics Risk Scoring Products
RedOptima demonstrates stronger prediction of High Cost Low Frequency Bodily Injury losses compared to employment, income, and other demographic proxies.
RedOptima is more than double the predictive rating factor than most typically employed demographic proxies in auto insurer GLMs
Unprecedented Geographic Risk rating factors. Access via APIs at Point of Quote.
ARS is refreshed on a quarterly basis based on a rolling 12 months of risk summarised within each hex. . This data is deliverable in its entirety for a any UK postcode and any US state as a flat file, for a single 250m hex, or group of hexes based on a geographical boundary (e.g. a specific metropolitan area) on demand through our secure APIs that are made available to you upon subscription.
