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.
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.