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Data predictions for the Insurance industry

Insurance

Predict insurance claims, litigation risk, subrogation opportunities and more.

Insurance and AI

Today’s insurance companies are embracing AI and predictive analytics to improve profitability, become more efficient and, ultimately, create a better customer experience.

Obviously AI provides insurers with incredible power to optimize their market selection, underwriting, pricing, and claims management. Using Obviously AI, insurers can run predictive analytics in under 30 seconds, providing for vastly greater speed to market, more accurate pricing, reduced loss ratios, and higher conversion rates.

Below are some of the key use cases of Obviously AI’s predictive analytics in the Insurance industry.

1. Dynamic Pricing

Using Obviously AI, a large B2B insurance provider in the US predicted how many employees of a company are likely to go on a high deductible plan. They then priced their offering accordingly, this meant smaller businesses were able to get affordable pricing quickly.

2. Reduced Churn

Insurers lose money when good customers don’t renew, as expired policies need to be replaced with more costly new business. Using Obviously AI, a large US insurer incorporated the risk of “churn” into its renewal pricing, leading to reductions in cancellations and non-renewals, an improved loss ratio, and a 25% cut in variable costs.

3. Mitigating Litigation Risk

Using Obviously AI, a large insurer developed a report for predicting the likelihood that a workers’ compensation claim would lead to litigation. Claims with probability of litigation were referred to senior staff for early and attractive settlement offers. This saved the company 8% of the litigations they would face otherwise and $3 million annually.

4. Fraud Detection

Using Obviously AI, a large insurer developed a report for predicting the likelihood that a claim is fraud. The report now updates automatically as new claims come in, and ones with high probability of fraud are reported to senior staff.

5. Finding Subrogation Opportunities

Subrogation opportunities can add high value if identified fast and acted upon. A large car insurance company in the US used Obviously AI to identify claims with a high probability for subrogation recovery. Claims handlers now receive automated lists of claims with subrogation. This is expected to double the company’s subrogation rate by end of year.

Why Obviously AI?

Obviously AI's predictions come at an unparalleled speed of less than a minute and an incredible accuracy. We strive to ensure that both you and your customers, win.

  1. Incredible Speed: Obviously AI delivers predictions in under 30 seconds.
  2. Works with raw data: Forget about writing SQL queries to wrangle your data. Just ask a question in plain english (e.g. "Who is likely to make an insurance claim?") and it will auto-find the right data for your prediction. Learn more about how it's done here.
  3. Great Accuracy: Prediction results often see 70-85% starting accuracy, update automatically and get better with time. Allowing you, to export these reports with confidence.

Join companies like AAA Insurance and Payssurance in transforming how your business makes data driven decisions.

To get started, request a personal demo now.

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