Milliman introduces Milliman PinPoint
Milliman, the global consulting and actuarial firm, announced the launch of Milliman PinPoint, “an innovative insurtech software solution” that enables insurers to evaluate, price, and market residential property and flood products through location-level geospatial information that is customizable for each unique user.
Using an API, PinPoint delivers data and insights to customer systems including distance calculations, elevation statistics, and market data such as Census information or competitor premiums. The API also provides company-specific rating algorithms, delivering premium calculations and customizable rating territories across all 50 states. The new product has already been implemented by the North Carolina Rate Bureau, which is using the solution for members who wish to offer admitted private flood insurance in the state.
“Insurers are looking for ways to take advantage of geographic information systems technology and apply it to better understand their current and future customers. PinPoint offers a way for insurers to zero in on a property’s risk, and can be especially valuable for companies thinking of entering new markets such as private flood or adopting more granular rating strategies in their existing markets.” – Garrett Bradford, GIS Consultant at Milliman and the creator of PinPoint.
“PinPoint provides a rating solution for insurance companies that can be readily adopted without spending IT resources and significant up-front costs. PinPoint is an important option we offer our member companies, making it easy to implement the recently-approved NCRB flood program.” – Andy Montano, Personal Lines Director at the NCRB.