Hiscox has licensed a new computer model from technology provider Business Insight that predicts the relative risk of theft across the UK.
Theft Insight© is an innovative and powerful probabilistic computer model giving a highly detailed perspective into the distribution of theft risk across the UK. It is based on extensive research into crime patterns, using the latest available information, and takes account of the changing economic landscape of the UK to identify areas most likely to experience a deteriorating theft loss ratio.
Theft Insight© allows Hiscox to enhance their existing view of high and low risk areas and adjust their underwriting policy to manage theft claims frequency better. It also provides insight into postcodes where Hiscox has little or no claims data, allowing them to tune their underwriting in all areas.
Read press release here: Press Release – Hiscox Licence Theft Insight Model August 2009