AI Adoption and the Insurance Industry
Are Insurers already applying AI?
AI has the potential for transformative changes in the Insurance industry, it will reset business processes for making decisions in property, casualty, and life.
Using AI & machine learning enables traditional insurers to deploy analytics in a fraction of the time it usually takes, delivering enhanced speed to market, more accurate pricing, reduced loss ratios, and higher conversion rates all whilst providing resilience in these uncertain times.
87% of insurance companies have already invested over £5 Million in AI to disrupt this market, let us show you how we can help – Everest Global.
0of insurance companies have already invested over £5 Million in AI to disrupt this market, let us show you how we can help – Everest Global
AI and Insurance
AI-driven insurers can deploy predictive analytics in a fraction of the time it usually takes. Our Automated Machine Learning platform, delivers a competitive advantage that provides vastly greater speed to market, more accurate pricing, reduced loss ratios, and higher conversion rates.
See how Data Technology can help you
- Identify: profitable prospects
- Accelerate: conversion rates
- Improve: quote accuracy
- Increase: renewals and reduce “churn”
- Inculcate: “best practices”
- Deploy pricing: models without reprogramming
- Increase accuracy: of loss costs
- Develop rates: five to fifteen times faster
- Develop losses: individually for each claim
- Build reserves: accurately from the “bottom up”
- Access leading-edge: machine learning algorithms
- Identify claims: for straight-through or manual processing
- Flag potentially: fraudulent claims
- Identify subrogation: opportunities
- Predict claim severities: and large loss potentials
- Improve adjuster performance: with outcome-based assignments
High value use cases for every Insurer
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With automated machine learning, you can get the productivity of a large data science team from a small one. Let DataRobot find the best models for you and use DataRobot’s simple deployment options to get them to market faster. Relieve data scientists from documentary requirements by using DataRobot’s automated model risk management and model validation templates.
Get models to production faster using DataRobot’s low-risk model deployment options, including code generation, deployment to Spark, and API-based deployment capability.
Let DataRobot suggest the best model in each situation, saving you the time and effort of trying and comparing every model. Use automated machine learning to build many models at the same time it took to build one, increasing precision with more model granularity. Let DataRobot handle the low-risk models from start to finish so you can focus your talent where the payoff (or the risk) is the greatest.
The bottleneck in many banks is no longer a lack of data, it’s plenty of data but not enough analytics staff to turn that data into insight. Democratize data science with DataRobot and watch the performance of your business take off as the data reveals opportunities and improvements.
Research has shown that brands adopting the technology and strategies to enable personalised digital experience will gain competitive advantage. They find it easier to acquire customers, enable faster conversions and create lasting engagement and loyalty.
CRO’s spend millions attempting to detect, investigate, and report on potential money laundering and fraud. Our machine learning models use the bank’s data to learn from the bank’s own experience. These models can then be used to block fraud before it happens. This saves time; cuts down costs and resources, and can reduce the rate of false negatives down to nearly zero.
AI Success Stories
- 01 / 04
“I’d reckon we’ve gained at least one point savings on the loss ratio, so you’re looking at $7 million pound savings”
– Chief Actuary
- 02 / 04
Automate building an accurate model to predict the likelihood that a claim is fraudulent. With the results, you can create a rank-ordered queue of claims for fraud units to investigate.
- 03 / 04
“DataRobot gives you all the tools to you need to prevent churn. It will democratise machine learning across your business”
– Head of Data Science
- 04 / 04
“We want to be truly customer-focused with all our 16 million customers, and to do that we need to be able to predict the potential behaviour of each of them to put the right offer in front of them at the right time. There’s no way we can be as customer-focused as we would like without the help of machine learning”
– Head of Data Science