The development opens up significant opportunities for Google Cloud’s auto insurance customers, providing them widespread access to one of the largest driving behaviour databases intricately linked to claims. The incorporation of Arity IQSM allows insurers to enhance pricing accuracy at the time of quoting, thereby enabling them to refine pricing strategies, enhance profitability, and expand their portfolio.
With the integration of Arity IQSM into Google Cloud’s Analytics Hub, insurance carriers can now:
- Augment their proprietary datasets with comprehensive driving behaviour data, leveraging Arity’s Drivesight®
- Score or specific driving attributes within the secure and privacy-conscious environment of Google Cloud.
3. Analyse and segment customers during the quoting process, leading to an increase in pricing sophistication.
4. Provide personalised experiences by delivering more accurate quotes to customers, both for new and renewed business.
According to reports, the partnership aims to revolutionise how auto insurance is priced and quoted, offering insurers valuable insights into driving behaviour that can significantly impact their decision-making processes. The availability of Arity IQSM on Analytics Hub also marks a pivotal step in empowering insurers to make data-driven and informed choices, ultimately shaping a more dynamic and responsive auto insurance landscape.
Gary Hallgren, Arity’s president, said: “We’re not only expanding the reach of one of the world’s largest driving behavior databases tied to claims, but we’re helping insurers price more competitively at time of quote.”
Arity uses privacy forward methods for secure and safe data storage, including encrypting data at rest and in transit and by making the data available within Google Cloud’s Analytics Hub, carriers can access the data in a privacy-safe environment.
“Google Cloud Analytics Hub provides Arity’s customers with an efficient, secure platform to exchange data and combine their business data with third-party insights,” said Yolande Piazza, Vice President of Financial Services at Google Cloud.
She added: “With the addition of the Arity IQSM network, our insurance customers can increase value for their business while providing more accurate prices based on how their customers behave behind the wheel.”
Author: Joanna England
