Underwriting Process Improvement

Customizing Rates based on Similar Groups using Data Analytics and AI

Goal

Strategic Advantage → Cost Reduction →  Increased Revenue and ROI

Challenges

The use of data is at the heart of each Insurance firm since decades,insurers have been using data in underwriting. Underwriting is the fragile method of assessing the peril posed by every client and coming up with a cost for the insurance policy, which is reasonable towards parties, insurer, and customer.

Opportunities

Data analytics and AI can help assess the risk category for every prospective client. This is also completed through clustering techniques taking into consideration not only individual scores for diverse risk factors but the correlation between these.
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