TECHNOLOGY
Leveraging AI for quote generation means that underwriters have access to the most up-to-date threat analysis and risk factors to ensure that accurate quotes are created seamlessly . This also leads to the ability for insurers to offer dynamic pricing , which is based on predictive analytics and AI .
Within this , insurers could rate quotes based on customer retention or attraction criteria , in order to provide personalised customer service to current and future customers .
John Beal Pricing insurance is based on a number of factors , including predicting the risk of a claim . Here machine learning algorithms speed the identification of the most predictive attributes behind claims losses for use at the point of quote .
For example , cancellations and gaps in coverage in motor insurance are predictive of claims but insurance providers also need to understand when those changes to policies occurred .
A great example of this is the ML techniques that allowed them to distinguish between policy changes directly related to national lockdowns versus changes that occurred outside of those times to support the fairest treatment of customers when they come to buy or renew their next motor annual policy .
Protecting the consumer ’ s identity and personal information is another important role AI and ML play .
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