Insurance
How Entangled AI Empowers the Insurance Industry
Data science in insurance (including machine learning and AI) allows providers to reduce risk and streamline workflows, increasing value and improving the customer experience.
Every day, thousands of claims, diverse data, and customer queries are produced in the insurance industry, which makes it a perfect environment for AI-driven systems.
Indeed, the application of AI and ML in insurance is a must for providers to stay ahead of fraudsters, reduce losses, and provide the best risk-adjusted solutions to their customers.
Premiums, risk projections, claim adjustments, customized financial advisory, and underwriting are all derived from the provider’s ability to make accurate data-driven predictions. And it’s all connected; inaccurate forecasting leads to misaligned premiums, inaccurate risk projections, and ineffective balance sheet management — all of which can cripple an insurance provider’s bottom line and, ultimately, increase costs for the consumer. Plus the price of mistakes is high, so minimizing risk is critical.
Some of our use cases include:
- CLTV forecasting
- Churn prediction
- Value gap score & Adoption level score for recommendation system
- Claim Automation , Claim Leakage Detection, Fraud Detection
- Claim Propensity
