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RPM Seminar

Product/Innovation

Level 1: No prior knowledge of the subject (0-3 Years)

C:MM:L1

S:DA:L1

S:DA:L3

T:AN:L1

Using Hyper-Personalized Vehicle Data in Pricing

PI-7 - Using Hyper-personalized Vehicle Data in Pricing

Monday, March 18, 2024
10:00 AM – 11:00 AM CST
CE: 1.2
Livestreamed
VIN level data has been used in ratemaking for decades. As vehicles get less homogeneous at the make and model level, there is more opportunity to add precision to rating not just using the first 8 digits of the VIN, but the entire 17. In this session we will look at how vehicle data has been used over time, as well as give an example using insurance loss data showing how using changes in used car prices can enhance pricing algorithms.

Learning Objectives:

  • Summarize how the use of VIN data in personal auto insurance pricing algorithms has changed over time.
  • Explain how changes in used car prices can be used to get ahead of changing loss trends.
  • Describe how used car prices are typically considered in personal auto insurance pricing algorithms and how that could be improved.