Insurance Costs

Predict individual insurance costs based on historical health data.

Operations
Finance
Sales
50,000

rows of data

5 mins

time to value

73%

prediction accuracy

7-12%

conversion success

Background

Obviously AI provides insurers with incredible power to optimize your underwriting, pricing and claims management. Using Obviously AI in insurance enables you to deploy predictive analytics in a fraction of the time it usually takes, without writing code.

Using Obviously AI for pricing machine learning, a large US insurance carrier started to accurately predict insurance costs and how they change for individuals based on their historical health and demographics data.

The Solution

With Obviously AI, the carrier instantly connected their historical data of customer behavior, health history and demographics.

In just minutes, they had fully trained an AI model that accurately predicted costs the individual is likely to incur and integrated these predictions directly into their internal dashboard using Obviously AI’s API.

The Results

Obviously AI was able to predict the insurance costs with a normalized RMSE of 31. Which is 12% better than today’s leading standard.

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