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

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

Potential Vendors

Google,Cytora