AI & AutoML Driven Technology for the Insurance Industry
Insurance companies can leverage Coredata AI’s offerings to improve their operations in a wide variety of areas, including customer retention and acquisition, service, claims prediction and handling, reporting automation, undeserving claims, fraud detection, and more.
How Our AI Solutions Help Insurance Companies Improve Their Operations?
Customer Acquisition & Marketing
Coredata AI is designed for every current and future insurance sales and marketing use case, from malic prediction, avoidance, to AI-powered generating leads, policy conversion prediction, and enhanced customer service. Many of our insurance clients use Coredata AI to create a sales decision support tool that helps them assess leads’ likelihood of converting and their potential lifetime worth as customers. In addition, their Consumer Data Science Team uses the platform to develop ADA (Algorithmic Decision Agent), a customization AI that allows the company to provide better targeted marketing to its clients.
Anticipating Customer Claims
Traditional methods of estimating claims reserves do not take into account the unique traits of insurers, which can have an effect on how accurately future claims can be predicted. Older modeling techniques are unable to leverage the broad range of information sources that are required to produce forecasts that are accurate enough for enterprise usage. Coredata AI is the engine that drives systems based on AI that capitalizes AutoML capabilities that can use different data patterns for forecasting customer claims, including those specific traits for improved accuracy. Not only are they able to estimate payments at the group level, but also at the level of an individual policy because the technologies that make up Coredata AI are easily scalable thanks to automation.
Insurance Policy Costs & Underwriting
Coredata AI makes it simple to recognize patterns in various data sources, as well as to incorporate new data sources and be faster and more adaptable in modeling capabilities. This is important because new risks are constantly emerging, and existing risk patterns are constantly shifting. In today’s market, which is becoming increasingly competitive, Coredata AI makes it possible for insurance companies to apply far more detailed pricing methods, transitioning from classic GLM to more complex models. Naturally, insurance rating laws imply that artificial intelligence has the potential to strengthen existing underwriting methods; however, in order for this to happen, AI must be developed using a rigorous white-box methodology, along with full understanding and tracking of the factors and outputs that it generates. Coredata AI provides all these features.
Identify & Stop All Frauds
Construct with Data systems that have a greater degree of accuracy in detecting fraudulent activity, such as false statements, fraudulent billings, planned accidents, manipulating the truth, and more. With the help of Coredata AI, all our insurance companies have the chance to build a fraud detection system that ensures no insurance fraud occurs. These systems can also enable the companies to manage an increasing volume of invoices while keeping costs under control. Clients that use Coredata AI can internalize all their data expertise and broaden the scope of their operations by exploring further analytics projects.
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