Insurtech Pinpoint Predictive has teamed up with Lightspeed Specialty Insurance coverage Options, aiming to combine its loss predictions into Lightspeed’s pricing fashions.
This partnership is ready to reinforce underwriting accuracy and operational effectivity for Lightspeed Insurance coverage.
Pinpoint is understood for utilizing full automation, machine studying (ML) and “behavioural economics knowledge factors” to ship “exact loss predictions” that allow insurers to materially enhance loss ratios.
By incorporating Pinpoint’s expertise, Lightspeed intends to refine its pricing methods, making certain correct threat choice and optimised premium buildings.
Lightspeed is working as a managing normal agent, delivering householders and landlord protection options by way of choose retail brokers in California, US.
Its options are underwritten on behalf of underwriters at Lloyd’s of London, together with different carriers.
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Pinpoint CEO Scott Ham stated: “We’re excited to accomplice with Lightspeed Insurance coverage to carry our predictive analytics capabilities to their pricing processes. This collaboration underscores our dedication to empowering insurers with modern instruments that drive profitability and improve buyer satisfaction.”
Lightspeed Insurance coverage chief underwriting officer Zak Belanger said: “Integrating Pinpoint’s predictive analytics into our pricing fashions represents a big development in our underwriting capabilities. This partnership allows us to raised assess threat and provide extra aggressive pricing to our prospects.”
Pinpoint Predictive gives property and casualty insurers loss forecasts and threat assessments.
The corporate closed its Collection A funding spherical in October 2024.
The spherical was led by the insurtech enterprise capital agency Markd, with participation from Jazz Enterprise Companions, Guidewire Ventures, Verstra Ventures, Navigate Ventures and Seraph Group.
Though the quantity raised on this spherical was not disclosed, Pinpoint has confirmed that whole capital now exceeds $23m.
