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Insurance Data Logic

  1. 1. 11 Insurance Data LogicInsurance Data Logic An InsureTech and Media CompanyAn InsureTech and Media Company www.insurancedatalogic.comwww.insurancedatalogic.com
  2. 2. 2 Insurance Data Logic was founded by seniorInsurance Data Logic was founded by senior insurance executivesinsurance executives Mission: Our content and analytics are changing the way underwriters, brokers and insureds use information and data. Objective: We can help make the right decision in both evaluating and purchasing insurance. Focus! Focus!! Focus!!! Focus!!!!
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  4. 4. 4 Product/Services We offer three integrated insurance tech and media product/services with no existing competition: Insurance Premium Estimator Insurance Policy Metrics News, Information and Services
  5. 5. 5 Insurance Premium Estimator
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  7. 7. 7 Insurance Premium Estimator Our Insurance Premium Estimator is an online calculator that allows an agent/broker or insured to view the method and rate factors an underwriter uses to quote a submission based on evaluation of an application and supporting information. A user obtains a better understanding of the different rating factors assigned to limits, deductibles, territory, business characteristics, claim history, management and various risk parameters associated with an insurance product and an account – all used in coverage determination and premium quotation. The Insurance Premium Estimator can work with Insurance Policy Metrics to estimate premium price and measure coverage.
  8. 8. 8 How Rates are Determined Understanding Rate Modifiers Both a retail agent/broker and a wholesale broker, or a company or an organization and prospective purchaser of insurance should have a basic understanding of the method an insurance company uses to determine the premium that will be paid for insurance. A knowledge of rating factors enables an agent/broker to provide an insurance premium estimate based on calculating different rating modifiers.
  9. 9. 9 Premium Quotation Understanding Pricing Our Insurance Premium Estimator allows agent/brokers and insureds to compare rate factors and calculate premium for professional liability, cyber risk (see example below), builder's risk, directors and officers liability, pet heath insurance and other insurance product lines. An agent/broker can negotiate coverage and premium with knowledge of the underwriting, rating and pricing process. Go CyberInsurancePremiumEstimator
  10. 10. 10 Sample Ad
  11. 11. 11 Insurance Policy Metrics
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  13. 13. 13 Insurance Policy Metrics Insurance Policy Metrics (“IPM”) is the first benchmark service to provide a consistent method of comparing both commercial and personal insurance policies quantitatively with a singular numerical factor of one to one thousand. We utilize dozens of claim simulations (not actual claims) to measure and evaluate coverage, claim payment and premium for each insurance policy. The single IPM factor can help determine the best relative value of a policy compared to other policies based on analyzing all the variables of each insurance policy. *Insurance Policy Metrics is patent pending with the United States Patent and Trademark Office.
  14. 14. 14 Perplexing Problem Insurance Policy Comparison • A policy review is subjective and the significance of different wording, (insuring agreement, definitions, terms and conditions, exclusions) while important is hard to weigh and compare on a consistent basis. • Each insurance policy may have relative strengths and weaknesses in coverage, numerous variations plus different premiums. • Problem: How do you equate coverage with premium and accurately compare different quotations from various insurers on an equitable basis with so many variables?
  15. 15. 15 Comparing Apples and Oranges Solution • There are two major considerations in buying insurance – coverage (payment of a claim) and premium (cost). • The purpose of Insurance Policy Metrics ("IPM") is to compare the relative value of different insurance polices using various types of claim scenarios (hypothetical, but based on real claims) to determine coverage and payment of losses relative to premium for each policy. • A numerical factor is developed for a policy that enables a user to measure and weigh both coverage and premium and compare one policy to other policies on a consistent and standardized basis.
  16. 16. 16 IPM Process We offer both: • Company Policy Coverage Rating: An independent and standardized method and rating system of evaluating coverage, projected claim payment and premium of different insurance policies using a statistical sampling of actual accounts. An IPM rating can be used in conjunction with a financial condition rating. To provide consistency, cyber attack modeling and simulation is the same for all insurers and is based on an account's business segment, security protection, revenue size, geography, number of personal customer, client or patient records and number of employees. Policy conditions (coverage, limit, deductible, premium) varies by insurer. • Individual Account Comparison: An account rating system and IPM index that allows an insurance broker to obtain an individual account rating and comparison of different insurance policies for a specific account based on actual quotations. Over 50 companies are evaluated including 25 claim examples for each company. Both processes use our proprietary algorithm and claim simulation methodology.
  17. 17. 17 Which Policy is the Better Value? Methodology • IPM evaluates the cash inflows and cash outflows for various types of claims (high risk, moderate risk and low risk claims) for coverage and claim payment of each insurance policy. The relative value of different insurance policies are calculated numerically. • The IPM Index is the reciprocal of the ratio of Cash Outflows/Cash Inflows. A higher index is more favorable. • A user inputs premium, limits, deductible, co-payment and selects different claim situations based on the insured’s profile.
  18. 18. 18 IPM Calculation Evaluation Process • Total Cash Outflow = Premium Amount + Retention/Deductible/Co- Payment Amounts + Amount Not Covered • Total Cash Inflow = Paid Claim Amounts + Legal Expenses + Fines + Penalties + Other Paid Amounts • Relative Value of Insurance Coverage = Reciprocal of Total Cash Outflow/Total Cash Inflow (A higher number is more favorable). Range varies from 0.00 to 1,000.00.
  19. 19. 19 IPM Policy Coverage Rating The purpose of Insurance Policy Metrics ("IPM") Policy Coverage Rating is to provide a standardized method and rating system of evaluating coverage, claim payment and premium of different insurance policies based on projected probability and severity of claims. To accomplish this objective for an insurance company we process information from a statistical sampling of various accounts utilizing information in applications and declaration pages. The insured is not identified. The statistical sampling of up to 250 accounts provides data to produce a confidence level of 95% and a margin of error of 5%. IPM evaluates coverage and claim payments related to limits, deductible and premium Insurer A Insurer B Insurer C Insurer D Insurer E Insurer F Insurer G IPM 820.0 540.4 870.1 920.1 750.6 770.5 890.1
  20. 20. 20 IPM Insurance Categories All types of insurance policies can be evaluated including: • Builders risk • Property, • Casualty, • Professional liability for accountants, lawyers, etc. • Directors and officers liability, • Cyber, • Political risk • Marine and aviation • Pet insurance • etc.
  21. 21. 21 Cyber Insurance Case Examples • Example A - Personal Records Disclosure • Example B - Stolen Laptop • Example C - Denial of Service • Example D - Data Extortion • Example E - Malicious Use of System by Insider • Example F - System Virus • Example G - Data Security Breach • Example H - Failure of Cloud Service Provider • Example I - Contractual Liability • Example J - Supply Chain Data Interruption • Example K - Healthcare Records Breach • Example L - Phising Attack • Example M – Fraudulent Money Transfer • Example N - Malicious Use of System by Contractor • Example O - Intellectual Property File Breach • Example P - Website and Internet Content • Example Q - Identity Theft • Example R - Malware Infection • Example S - Stolen Credential Repositories • Example T - Social Media Impersonation • Example U - Rogue Mobile Applications • Example V - Reputation Defense • Example W - State Sponsored Cyber Attack • Example x – Watering Hole Attack • Example Y – DNS Poisoning • Example Z – Botnet • Example AA – Spamming Platform • Example BB – Third Party Vendor • Example CC – Wrongful Data Collection Claim Scenarios
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  23. 23. 23 Sample Ad
  24. 24. 24 News, Information and Services
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  26. 26. 26 Marketing Strategy Target Marketing Insurance professionals focus by product line. Most industry resources are general and contain information that is extraneous or not of interest to potential users who concentrate their time and effort by insurance specialty. A principal observation is the immense amount of content available today is not being delivered efficiently in a format that is useful to the specific product line goals and needs of the underwriter, claims specialist, insurance broker and risk manager. Cyber Insurance News is now available and other insurance product news services will be implemented. To gain industry recognition and support both Insurance Premium Estimator and Insurance Policy Metrics must be actively and continuously promoted. Our news websites and conferences help in accomplishing industry awareness.
  27. 27. 27 Cyber Insurance News Cyber Insurance News™ provides daily cyber insurance and network security industry news. It is a comprehensive source of information and services including a) industry directory, b) insurance policy, coverage and claim issues, and c) cyber attacks and data breaches, d) and information, announcements and articles relevant to the cyber risk insurance and security community. Go www.cyberinsurance.news MUST READING: Our information, services and programs are marketed to over 500,000 businesses, 200,000 risk managers and chief information officers, and over 50,000 insurance producers and insurance professionals! Our briefings provide busy people with one, two sentence “Twitter” style summaries with access to full articles and further information. Our first Cyber Attack and Strategy Conference for Law Firms (other industry segments to follow) is planned for 2017 with live video streaming to several cities.
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  29. 29. 29 Sample Ad
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  31. 31. 31 Our Story
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  33. 33. 33 Developer John Vassilliw Mr. Vassilliw has thirty years of insurance experience. Business background includes underwriting officer and Vice President in financial risk and product development with insurance companies and agencies including AIG (US flagship operation - National Union Fire Insurance Company, INA (CIGNA/ACE) and AVI Insurance Brokerage. John received a BSBA from the University of Vermont. He currently operates an insurance consulting and brokerage company.
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