The problem statement of this use case is to build a model for Quote conversion, Renewal Rate, Claim Rate. By leveraging Artificial Intelligence in insurance, the insurance players can gain a host of benefits such as better productivity, enhanced customer experience, efficient claims management, reduced frauds, and more.
We developed the models for all the 3 cases like Quotes, Renewal and claim. We analysed the billions of records with EDA Process and using the advanced deep learning techniques we built the optimized model. This helped the insurers to take right decisions at right time. These models helped the insurance to increase the renewal rate and Quote rate. In terms of Claim it helped to fix the right premium to right customer and helped not to incur in loss.
AI in insurance offers better and streamlined customer services along with easier and quicker claims processing. The automated process replaces humans in repetitive work at a very high accuracy level that saves cost and increases customer satisfaction by reducing the time required to renew a car insurance policy.
Our advanced model helped the insurers to fix the right premium to specific customer based upon many factors which helped to see lot of improvements in claim rate without incurring the loss. Apart from claim rate there has been phenomenal growth in terms of renewal rate.