AI Use Case
Manage premium and risk pricing for underwriting
Optimise premiums and risks by granular understanding of the individuals and their propensity to claim.
Legal And Compliance
Cost - Fraud reduction,Revenue - Pricing optimisation
Aviva~Aviva offers up to 30% discounts on insurance premiums based on actual driving behaviour that is monitored and analysed through machine learning,AXA~AXA used deep neural networks to increase the predictability of a customer large traffic accident from 40% to 78%,Allstate~Allstate is offering pay-as-you-drive plans based on measurement and analysis of customer real-time driving behaviour resulting in up to 30% reduction in premiums,QBE Insurance Group ~QBE group plans to measure risk at individual level to calculate optimum premium price using machine learning
Structured / Semi-structured
Traditional AI,Machine Learning (ML),ML Task - Grouping - Clustering,ML Task - Prediction - Regression,ML Task - Prediction - Binary Classification