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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
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.
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.
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.
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.
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.