Coremetrix, a company powered by Creditinfo, and Admiral collaborate to explore the impact of personality on motor insurance risk assessment
Coremetrix, powered by Creditinfo, the world’s leading creator of psychographic data, and Admiral, a leading provider of insurance products in the UK, have established a working group to evaluate how psychometric scoring can support the assessment of risk in motor insurance in the UK.
By incorporating patented image based tests, Coremetrix is able to add an additional layer of information about an applicant that takes into account their personality, motivations and likely behaviours. Combined with existing data, this approach provides risk managers with insights into likely future behaviour and motor risk. Currently in Beta phase, the project is focused on existing customers and is part of Admiral’s on-going drive to innovate. Coremetrix’s product has already revolutionised psychometry and risk prediction. It has brought together elements of psychology and machine learning yielding a product that is unique of its kind.
Clare McCaffery, Managing Director of Creditinfo UK commented: “Coremetrix has already proven the benefits of applying our patented and unique psychometric tests to credit assessment. We are delighted to have the opportunity to work with Admiral to demonstrate the power of this approach to other forms of risk assessment such as motor.”
Peter Marrissen, International Pricing Director at Admiral commented: “Admiral is committed to innovation and we are interested to see whether personality data fits in to the already rigorous risk assessment we have in place. The more we know about our customers’ likely behaviour the better placed we are to price risk on an individual basis, giving customers an even more accurate price.”
Coremetrix is a financial solutions and risk technology company, owned by Creditinfo, which combines the science of psychology and data with cutting edge technology so brands can understand their digital audience at scale. Coremetrix uses innovative and patented visual personality profile tests to gather profiles directly from consumers.
ABOUT ADMIRAL GROUP
Admiral Group plc, through its subsidiary company EUI Limited, principally sells private motor insurance and associated products, such as cover for breakdown, car hire and personal injury. EUI Limited markets directly to the public in the UK through its four core brands: Admiral, elephant.co.uk, Diamond, and Bell. Admiral Group plc employs over 8,000 people around the world and has more than 4 million customers.