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.
Function
Legal And Compliance
Compliance
Benefits
Cost - Fraud reduction,Revenue - Pricing optimisation
Case Studies
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
Potential Vendors
Google,Cytora
Industry
Financial Services
Insurance
Data Sets
Structured / Semi-structured
AI Technologies
Traditional AI,Machine Learning (ML),ML Task - Grouping - Clustering,ML Task - Prediction - Regression,ML Task - Prediction - Binary Classification