2016 ANNUAL REPORT PRESIDENT’S MESSAGE FINANCIAL HIGHLIGHTS ABOUT PENN NATIONAL INSURANCE PRODUCT INNOVATIONS 2016 TOP ACCOMPLISHMENTS CLAIMS SERVICE ENHANCEMENTS EMPLOYEE ENGAGEMENT OFFICERS & DIRECTORS DOWNLOADS

PRODUCT INNOVATIONS

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Cyber Security Insurance

With our proactive, comprehensive Cyber Security Insurance coverage, we offer coverage for one of the fastest growing risks for today's businesses. Our Cyber Security Insurance coverage provides first- and third-party liability coverage for eligible expenses and exposures associated with a data-breach incident, such as notification of a breach and remediation services for impacted individuals.

What makes our Cyber Security coverage offering unique

Our offering includes both proactive services to help minimize the occurrence of a data breach and post-breach services to provide expert assistance if one occurs. Data-breach protection and remediation services include:

  • Data-breach counseling
  • Crisis management
  • Notification assistance
  • Remediation planning
  • Evidentiary support
  • Online resources for proactive data-breach assessment and planning
Experts agree that it is not a matter of if a data breach will occur, but when, putting all businesses — large and small — at risk. And small to mid-size businesses are the most vulnerable to a data breach.

3 reasons to have Cyber Security coverage

1

Value-add online proactive resources, including data breach risk assessment tools

2

Immediate response from expert data breach consultants

3

Affordable premium

...that’s what a business that doesn’t have Cyber Coverage will pay for data breach services.

74%

of small and mid-size businesses were targeted by cybercrime

Click to download Frequently Asked Questions about Cyber Liability Insurance

We believe that data analytics has the potential to make a positive impact on virtually every aspect of our business.

Data Analytics

We have made significant investments in predictive analytics for both personal and commercial lines underwriting and claims.

We continued to expand the use of data analytics, including:

  • Improving territory segmentations for our Homeowners line by providing more price points and finer price segmentation based upon location.
  • Gathering characteristics of quotes, which allows us to analyze our competitive position and facilitate the decision-making for underwriting profitability and product development.
  • Developing targeted communications to market products and services.
  • Creating customer attributes and metrics to develop programs that will generate personal lines new business.
  • Implementing Commercial Auto Scorecard to return optimum pricing points on new business quotes, as well as competitively pricing individual account renewals. Analytic models are already used in BOP and Workers' Compensation quoting.

Innovative solutions. Better products.

We now offer eSignature, to make it easier and faster for our customers to sign personal insurance documents.

eSignature: Increases convenience, saves trees

Offering this option removes the burden and time delay of printing, signing and returning paper, and it saves trees.
Penn ID puts you in control of your rates, because your future premium will be based on your measured driving behavior. The better you drive, the more you can save.

Penn ID: Usage-Based Insurance for drivers

Industry experts estimate that one third of U.S. auto insurers will offer Usage-Based Insurance by 2020. We are proud to have already launched our Usage-Based Insurance program for Auto insurance, Penn ID, in April of 2016, making us one of the first regional insurance companies to do so.

Our UBI program rewards safe driving behaviors with a discount of up to 30%.

Driving behaviors such as hard braking, excessive acceleration, time of day the vehicle is driven and number of miles driven are used to develop a vehicle-level discount. The program combines a device that is installed in the vehicle with a smartphone application. Our users have logged nearly 400,000 driving miles since April of 2016, with an average discount of 8% being earned. We launched the program in Pennsylvania, and by mid-year 2017, we will offer Penn ID in all our personal insurance states. The average age of drivers using the program is 42.

We also introduced an Auto affinity program and introduced a paid-in-full discount for our affiliate, Partners Mutual Insurance. These programs are designed to provide a growth opportunity for Partners’ agents to attract and retain new business.

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