Influenced by cutting-edge technological advancements and the need to optimize profitability without impacting customer experience, the insurance industry is at the cusp of a dynamic transformation. Several advancing technologies like ML, Big Data, and Deep Learning are poised to become the revolutionary force needed in the insurance industry. Since the insurance market is based on predicting risk, advances in data and analytics, coupled with the development of powerful deep learning, can be utilized to attain actionable insights. In a nutshell, the whole insurance production process possesses the potential to significantly improve while simultaneously improving customer experience with the help of emerging technologies.
Scott Ham, CEO of Pinpoint Predictive, is taking massive strides in a new approach to risk selection. The company has designed and developed the first behavioral risk scores in the insurance industry powered by deep learning and explainable behavioral economics, and the only one deployed at the outset of the customer journey. “Our specialization, talent and intellectual property provide our clients with a significant competitive advantage, in particularly impactful areas (risk selection and loss ratios), exceptionally quickly and at a critically important time for the P&C industry,” reveals Scott.
Promoting Superior Customer Experience
“Tomorrow’s winners are acting right now. We offer the fastest and greatest time to value in the Property and Casualty ecosystem. We can say this because we use massive processing power to offer results and insights within days we have an easy to use ROI Calculator, and help top insurers reveal nine figures in savings,” elucidates Scott.
Scott believes the industry can operate much more profitably, and improve rates and coverage availability for individuals, if it genuinely knows its customers and their behavioral propensities. This also enables carriers to focus their resources on acquiring and retaining their desired segments and improve the customer experience. Scott was always intrigued with insurance getting closer to the customer/consumer. He joined Pinpoint as he was impressed with the platform and modeling capabilities, both of which allow insurers to quantify unpriceable risks and use the proprietary scoring to significantly impact loss ratios. “I took the job because I felt like Pinpoint could make a real difference to the industry,” adds Scott.
Pinpoint’s services and offerings remain unrivaled in this domain. The strategically unique combination of proprietary data, deep learning, automation, explainability, identity resolution and psychometrics, and the ability to connecting these aspects to actuarial distributions, is groundbreaking. Further, being able to provide clients with a unique predictive score for an individual before they even walk through the carrier’s door is powerful. Pinpoint brings this unmatched risk selection to the beginning of the consumer journey leading to increased customer satisfaction.
Forging Powerful Leaders
Scott credits a large part of this success to his highly skilled teams. Ensuring they are fully equipped to meet and exceed the requirements of every customer is of top priority for Scott. He explains, “Formulating and deploying an effective strategy and being able to identify the difference we are making is key to our success. My team is amazing in many respects, and I want to provide support and get out of the way.”
Scott has spent his years not just carving a niche for himself in this domain but is also involved in shaping leaders this market needs. When quizzed on his dedication to helping individuals hone their skills and expand their knowledge, Scott responded, “Why? In measuring leaders’ success, I look to how many leaders they have produced and helped succeed. Without the ability and desire to develop people to be the best version of themselves, one cannot be a true leader.”
A Trailblazing Career
Scott began his career as a lawyer with the vision of running a business in the future. He stepped into the insurance industry as a lawyer focused on employment and M&A work for Aegon USA (the company later transitioned its brand name to Transamerica). Scott excelled in all his job roles and was recognized for all the efforts he put into his work as he rose to the C-level executive rank. Through promotion, Scott progressed to General Counsel of one of Transamerica’s divisions. He took the dive when an opportunity arose to become CEO of Transamerica’s Life & Protection business. Scott knew he was the right fit and possessed the capability to empower the organization to achieve its set business goals. He maintained the CEO position for approximately six years.
Scott then transitioned to McKinsey & Co, which allowed him to help more carriers and the industry as a whole. He then led the development and marketing team of an internal InsurTech organization providing a digital quoting system for small commercial insurance. By then, Scott was very immersed in the InsurTech community, which is where he ran into the founder of Pinpoint – Avi Tuschman. “I have had a passion for entrepreneurship as long as I can remember and was able to utilize that passion in bringing change at very large organizations,” says Scott.
Scott’s professional growth parallels his personal growth, achieving an outstanding work-life balance. He starts his day at 5 am by reading a daily message, followed by exercising, and then he moves on to the computer. Despite the onset of the pandemic forcing businesses to go remote to survive, Pinpoint was already well prepared challenge. Scott tells us, “The remote lifestyle has been difficult as I believe we are better if we are together and colliding at work. The Pinpoint team has been amazing during the pandemic, and we have developed what I believe is a great culture.” To this, he adds his secret to the work-life balance he has achieved, “The best decisions are made with a calm and cool posture. I love what I am doing and do not feel any pressure. If you do what you love and make the right decisions, there is little to trouble one’s mind.”
Gearing Up for the Future
Having made crucial progress in this sector, Scott envisages continuing to bring about positive change and help Pinpoint capitalize on the significant potential this sector has to offer. Scott aims to help Pinpoint become the industry standard in recognizing the true uniqueness of individuals and being able to treat them accordingly.
For More Info: https://pinpointpredictive.com/