Machine Learning and AI in Insurance

Insurance companies are using machine learning and AI to increase top and bottom line through gaining competitive advantages, reducing expenses, and improving efficiencies. They are optimizing all areas of their business from underwriting to marketing in order to make data-driven decisions to lead to increased profitability.

Predict Policy Churn For New Customers

Ensure the long term profitability of incoming members by predicting whether they will churn within the first 12 months of a policy application.

Predict Which Insurance Products to Offer

Predict which products are best for cross-selling to drive successful next best offer campaigns

Predict Claims Litigation

Predict from first notice of loss which claims have a high risk of going to litigation.

Predict Individual Loss Development

Predict loss development on every individual claim based on their unique attributes.

Dynamic Pricing for Non-US Insurers

Dynamic pricing based on an accurate understanding of claim risk and a customer’s intent to buy can help target personalized pricing to a prospective client.

Predict Claims Severity from First Notice of Loss

Predict the ultimate payout for each claim at First Notice of Loss (FNOL); a component of claims straight through processing (STP).

Predict the Profitability of Agents for Distribution Optimization

Maximize the performance of your large volume of agents and brokers by predicting the profitability of each agent.

Detect Auto Claims Fraud

Predict claims fraud to enable straight through processing (STP) of payments to auto insurance claims.

Predict Expected Loss Costs

Predict expected loss costs for personal auto insurance policies using historical loss experience.

Predict Claims Subrogation

Predict which claims are more likely to be successfully subrogated for both new and existing claims.

Reduce Policy Churn For Insurance Renewals

Proactively increase retention by predicting which policies will churn in the coming policy term.

Identify Members Who Will Become High Cost Claimants

Predict how likely health care members will be to go over a certain cost threshold in the next 12-month period.

Life Insurance Underwriting

Improve life insurance underwriting with AI to increase revenues, reduce costs, and grow your business.

Insurance Pricing

Use AI for insurance pricing to avoid adverse selection.

Fraudulent Claim Modeling

Minimize unwarranted payouts and unnecessary investigations by delivering reliable fraud detection models with AI.

Conversion Modeling

The ability to predict which segments are most likely to convert from a quote to a policy allows insurance companies to optimize their pricing algorithm and their marketing spending, leading to data-driven objective business decisions.

Claim Payment Automation Modeling

Use AI to model when autopaying claims is the best option. Shortening the claim cycle drives costs down and customer satisfaction up.

Claim Development Modeling

Machine learning and AI allow insurance companies to build more robust mechanisms around claim development modeling.

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