Thanks to the remarkable advancements in Artificial Intelligence (AI) and Machine Learning (ML) technologies, we now have access to potent tools that can automate data preparation, optimize pricing capabilities, and manage risks.
The insurance industry heavily relies on data analysis to make informed decisions about risk management and pricing. Thanks to the remarkable advancements in Artificial Intelligence (AI) and Machine Learning (ML) technologies, we now have access to potent tools that can automate data preparation, optimize pricing capabilities, and manage risks.
The platform provided by Lumnion is an end-toend platform that can connect to any core system, automating data preparation, using ML extensively for more precise risk pricing, impact analysis and dynamic pricing.
Moreover, Lumnion has also developed its own methodology to make results of all these the black box machine learning algorithms transparent, so that they become operationally usable. The results of any of the ML algorithms are opened up, showing variables to be used, their significance, and interactions with multiple dimensions. The ML based advisory module helps relieve actuaries from operational work and improves model results dramatically.
The Pricing Engine's dynamic pricing solutions reduce IT dependency and streamline commercial pricing decisions with its integrated Rule & Rating Engine, enabling insurers to optimize pricing on a personal level using external data. This approach ensures a 360-degree view of the customer by combining internal and external data, resulting in personalized pricing optimization. The data provided comprises statistically aggregated information from trusted and reliable sources, ensuring data accuracy.
Lumnion is proud to have a team of experts from actuarial sciences, software development, modeling with ML Algorithms, and the insurance industry. The team provides guidance and support to insurers, ensuring the maximum benefit from the platform.
If you are interested in harnessing the power of AI and ML for your insurance business, Lumnion's AI-based insurance pricing platform could be an outstanding solution for you. With its end-to-end capabilities and experienced team of experts, Lumnion offers numerous benefits, including automation of data preparation, improved loss ratios, and optimized pricing capabilities. So why not contact Lumnion today to see how their platform can help your business gain a competitive advantage in the insurance industry?