Insurance

DataRobot helps insurers leverage the power of machine learning, providing a platform for users of all skill levels to produce accurate predictions in a fraction of the time required by conventional tools and methods. With the knowledge, experience, and best practices from the world’s leading data scientists, DataRobot automates the machine learning process from data to deployment, democratizing machine learning and data science for all insurers.

Discover how automated machine learning is revolutionizing the insurance industry.

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More and more insurance companies are being AI-driven. This means they are fully utilizing their data and optimizing their business processes with powerful algorithms, ultimately moving toward mass adoption of both evidence- and data-driven decision making. Are you ready for your transformation into an AI-driven enterprise?

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Our expert says:

“Large, medium or small — there is no doubt about the impact of predictive modeling in any insurance company. The question that everyone is asking: how can we bring a sustainable, cost-effective, and inclusive predictive modeling strategy within the organization? Automated machine learning is the answer to that question.” — Satadru Sengupta, General Manager DataRobot Insurance

Empower actuaries

DataRobot perfectly complements actuaries’ deep business acumen and mathematical background. It combines an intuitive web interface and graphical model assessment tools with flexible programming APIs, so you can work with the tools you know.

Enable collaboration

Actuaries, underwriters, claims adjusters, fraud investigators, and other stakeholders work together on machine learning projects with DataRobot. Collaboration moves machine learning out of the skunkworks and into the front office.

Be interpretable and transparent

With DataRobot’s automated machine learning software, every step in the modeling process is visible and reproducible. DataRobot explains its predictions by highlighting the most influential factors, so your team can explain results to customers, executives, and regulators.

Solve many problems

Insurers use the DataRobot platform for machine learning across many different business functions, such as Actuarial, Claims, Fraud, Marketing, and Underwriting.

Reduce time to value

DataRobot uses distributed computing to run many experiments in parallel. Once your organization approves a model, DataRobot offers multiple options for deployment, including native scoring, exportable prediction code, and prediction APIs.

Be enterprise-ready

DataRobot works with your data wherever it resides: relational databases, Hadoop, text files, and many other sources. It runs on free-standing clusters, in Hadoop under YARN or as a managed service in the cloud.

DataRobot Helps Insurers With:

Claim Development Modeling

In the time between an insurance claim’s initial filing and full payment, the amount of the claim can change drastically. Use DataRobot to predict the ultimate claim amount based on claim characteristics at the time the claim is filed.

Conversion Modeling

Insurance companies need to know the impact a new pricing plan will have on their top-line growth. What is the tipping point of ensuring profitability without driving customers away? DataRobot helps predict, based on a quote’s rating characteristics and price, the likelihood that a prospect will buy.

Life Insurance Underwriting

Life insurance companies typically do not underwrite customers who have suffered and survived from serious diseases like cancer; doing so would require a long and expensive medical assessment process. With DataRobot, you can predict which customers among cancer survivors have positive and insurable health prospects.

Direct Marketing

Marketing to prospects -- direct mail, telemarketing, email -- is expensive, and not very efficient. Use DataRobot to predict which people have the highest likelihood of purchasing your product or service, providing the most cost-effective target marketing.

 
Scott Barton
Scott Barton
Head of Business Insurance R&D, Farmers Insurance
Watch this webinar to get an overview of how Farmers Insurance created a sustainable, cost-effective, and customer-centric predictive analytics strategy through automated machine learning.

Find out how to become AI-driven insurance company.

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