MIND FOUNDRY AI IN INSURANCE

The price is right

Understand your competitors and your customers so you can serve up the right price at the right time.

 

ANDI & ITB logos

 

 

Problem

 

Customers expect a lot these days. When someone wants to get a quote for an insurance policy, they're likely to expect many competing quotes returned to them in just a few seconds.

insurethebox (ITB), a leading UK telematic insurer, wanted a solution that did this automatically with optimal accuracy and efficiency so that the quote they returned was attractive to the customer.

 

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Solution 

 
ITB and Mind Foundry developed a solution that let ITB incorporate mountains of data from multiple disconnected sources to understand their potential customer's risk profile and simultaneously predict the market price so they could rapidly offer the most attractive quotes to customers.

With the latest AI algorithms powered by Mind Foundry's platform, the estimates are far more accurate than the existing process, making ITB more competitive in a market where small margins have a big impact. When deployed, this application integrates with ITB's systems, enabling their analysts to test and deploy new pricing strategies rapidly and reliably.

Results

 
The price is right -1

 

The model developed by Mind Foundry and ITB consistently outperformed the industry model.

It generated a higher "true positive rate" (sensitivity), at the cost of a small reduction in the "false positive rate" (specificity), ensuring the price quoted matches more accurately the risk of underwriting a given driver.

 

 

 


 

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