Arity IQ allows insurers to operate more competitively, dramatically disrupting pricing after decades of status quo and modernizing the customer experience in today’s data-driven environment.
In today’s insurance world, telematics-based pricing is delayed until after a consumer joins their telematics program and logs a certain number of trips. After data collection begins, the insurer learns the true driving risk and can then adjust the rate to reflect it at renewal, a process that can take up to 6 months.
This timing leaves insurers vulnerable to losing money if the initial price was inaccurate, and consumers leave dissatisfied with their renewal rates. It also inhibits consumers from joining telematics programs in the first place as they are uncertain if it will ultimately result in a desirable rate.
Arity IQ solves these problems and more, improving the telematics experience for both insurers and consumers. By calculating the most personalized, competitive price at the time of quote. Arity IQ allows insurers to instantly query Arity’s tens of millions of connections and incorporate the actual driving risk of an individual consumer in their quote funnel in real time.
Not only will insurers be able to increase profit by leveraging driving behavior data to more accurately price new business, but they’ll also gain a competitive edge over insurers who don’t. Close rates will also be improved because carriers have the information to more competitively price safer drivers and eliminate monitoring periods that may result in an upcharge at renewal and trigger shopping. At the same time, consumers also win because they can shop for Usage Based Insurance (UBI) policies and start their journey as a customer with a more accurate and stable price.
“Arity IQ is the realization of Arity’s vision for the future of insurance, a disruption years in the making,” shared Gina Minick, Product Director at Arity. “We believe this new offering will be the tipping point to bring dynamic change in the industry and allow the most predictive data to come to the forefront of ratemaking. We’re excited to help insurers get ahead of the curve and prepare for the future by tapping into our millions of mobile connections.”
With a unique understanding of driving risk, third party relationships, and unmatched scale, Arity is the only company to offer such a sophisticated product. Unlike other solutions in the market, Arity IQ meets consumers where they already are by understanding driving behavior data on tens of millions of consumers gathered from mobile apps, they use every day. With over 95% of consumers owning a smartphone, Arity has strategically partnered with mobile application providers to apply mobile phone data to insurance, mobility, and marketing use cases for close to a decade. Arity IQ combines complex disparate data from multiple sources accurately and consistently. Only Arity offers the platform, partnership, and expertise needed to deliver driving data like this instantly.
Arity takes data privacy and security seriously and strives to achieve the highest standards in securing users’ data. This includes being transparent about our data collection and practices. We only share this data with insurance carriers based on user consent.
Source: PR Newswire