Explore Frequently Asked Questions (FAQ) about Lumnion

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How can we use AI in our processes?

AI can help insurance companies analyze large amounts of data to identify patterns and make predictions about risks. This can help the companies to assess the likelihood of a claim being filed and to set premiums accordingly. In addition, AI can be used to help detect fraud by analyzing data for anomalies and red flags. This can help insurance companies to protect themselves from financial loss due to fraudulent activity.

Which ML algorithms do you use?

Lumnion’s open platform allows the use of all widely accepted Machine Learning Algorithms for risk modelling.

I am not sure how to prepare data for risk modeling, can Lumnion prepare it for me?

Lumnion’s Data Preparation Module (Bee) will allow you to prepare the data for modeling or analyzing with in the few clicks.

Do I have to pay for and use all modules?

No, all modules can be used separately all needed modules can be activated at different times.

I need a risk model for P&C line of business, but I have limited time and resource.
Can Lumnion help me?

Yes, Lumnion has its own actuarial data scientist team which provides consultancy and help you to build the whole process.

My company doesn’t feel secure about cloud, do you have on premise option?

Yes, Lumnion can deploy whole platform including Pricing Engine on premise and any data will not leave your company.

Is Lumnion’s platform cover the pricing process end-to-end?

With the use of Artificial Intelligence and Machine Learning, Lumnion provides a unique end to end platform that can connect to any core system, automating data preparation, with more precise risk pricing, impact analysis and dynamic pricing.

Does Lumnion do Data Clean-up and Merge?

Bee, Automated Data Preparation and Earned Premium Calculation Tool can take data input from Excel, SAS, CSV, and from databases connected to core systems. Production and Claim data are combined easily.

How will my company do the Tariff Management?

With intuitive categorization and easy-to-use tools, effortlessly manage complex rating factors, manage all tariffs and perils together or separately, streamline pricing updates, and ensure consistency across your entire insurance portfolio.

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