Scottsdale, AZ, March 19, 2010 --(PR.com
)-- Pinnacle Actuarial Resources, Bloomington, IL recently released its findings in a report titled, “A Preliminary Evaluation of the Effect of Utilization of Homeminders® and WeatherSafeTM as a Tool for Loss Control.”
Homeminders®, the flagship product of Ethix Media, was reviewed along with a study of historical property claims. The goal: Determine if Homeminders (including WeatherSafe) could be used by carriers to help their policyholders reduce or eliminate claims. The preliminary findings show a conservative reduction of paid claims of over 1.3%. According to the report, more optimistic scenarios show a reduction of nearly 6% that would result in an annual savings of nearly $10 per policyholder.
Gary Wang, Consulting Actuary – Pinnacle says, “We took on the project to attempt to quantify some general qualitative assumptions regarding loss control, and model their implications for loss savings with the introduction of Homeminders and WeatherSafe. Based on our research and the assumptions used, we believe the Homeminders and WeatherSafe service can measurably reduce losses.”
The full report is available upon request from either Pinnacle or Ethix Media. Pinnacle can also provide a working model with data to allow carriers to challenge assumptions and/or test using its own historical loss data. Pinnacle Actuarial Resources will also be exhibiting at the PLRB - LIRB Claims Conference (Booth 763) in San Antonio from March 21-24, 2010.
David Gray, SVP Marketing and Development - Ethix Media adds, “I’m a former P&C personal lines underwriter and I instinctively knew Homeminders with WeatherSafe would provide a powerful financial impact for both homeowners and carriers. The challenge was how to develop statistics to prove this out.”
Gray continues, “Gary and his team constructed a process for evaluating the perils and sub-perils responsible for an historical claim and even developed a formula for estimating partial mitigation of the costs which is also one of the main goals for Homeminders. We’re fortunate to be able to work with their team on this first phase program. Also, with last years’ JD Power & Associates Claims Satisfaction Study – we’re now confident that we can impact both claims and retention – just by helping and reminding homeowners to do the right thing.”
According to Jack Cleeves, Founder and COO – Ethix Media, “Homeminders technology and expert databases help ensure that bad things don’t happen to our customer’s homes. Our timely reminders help prevent or reduces costs associated with the home. The online record-keeping tools make it easy to create a property inventory, document work and increase equity in the property.”
Cleeves added, “Marketing and PR departments are always excited about Homeminders ability to impact retention and positive outreach. Our correspondence creates unique opportunities to deliver value. Pinnacle’s findings now allow us to engage the Claims and Operations teams and describe the full financial return available though an alliance. Simply stated, we can now share how a small investment can yield big dividends for both the carrier and its policyholders.”
The Homeminders system simplifies home management by creating a detailed home maintenance plan that covers every facet of a home’s upkeep. It acts as a central Web-based storage solution for ownership records, warranty documents, receipts and photos. Alerts are automatically generated for both maintenance and severe weather events with the goal of reducing the overall cost of homeownership.
About Pinnacle Actuarial Resources
Pinnacle Actuarial Resources, Inc. is one of the 10 largest property/casualty actuarial consulting firms in the United States. Pinnacle specializes in insurance pricing, loss reserving, alternative markets and financial risk modeling and has offices in Chicago, Bloomington, IL, Columbus, New York, Indianapolis and San Francisco. To learn more about Pinnacle, please visit www.pinnacleactuaries.com.
About Ethix Media
Ethix Media was founded in 2004 by Jack Cleeves and Lawrence W. Smith, PhD, to empower homeowners to make intelligent choices about their homes through an array of products and services. Its premier service, Homeminders, provides alerts to notify customers of potentially costly and dangerous events. The Homeminders system organizes home details into a dashboard view and provides digital document storage, develops maintenance logs and delivers customized reports. Homeminders also features articles and resources from leading industry experts to educate homeowners about important home safety and maintenance issues. For more information, please visit www.homeminders.com.