increase conversion rates

Logical Glue models have increased quote conversion at a major global insurer by 15%

quote segmentation

Easily segment quotes and increase automated decisions to allow underwriters to focus on difficult, high-value tasks

CONSTANT LEARNING

Fast feedback from conversion decisions means models consistently adapt to represent current market conditions

FAST TIME TO VALUE

Models are built and deployed within two weeks, easily integrating into current insurance application workflows

BETTER CUSTOMER EXPERIENCE

XAI models allow businesses to fully understand and explain predictions in a GDPR compliant manner

The challenge

Led by disruption to other stages of the insurance journey, customers have increasingly high expectations of the claims process; this presents insurers with perfect opportunity to build loyalty and trust.

Recent analysis, conducted by the Association of British Insurers (ABI) revealed that over the course of one year, 99% of motor claims, 79% of home claims and 87% of travel claims were successful. A good claims management system is vital to improving customer confidence, quality of service and customer retention.

However, the process has historically not been subject to the same level of analytics as insurance pricing and often relies on a set of simple rules that are used for triage.

Therefore, insurers struggle to deliver efficiency and accuracy on claims management and face further pressure from high operational costs and rising fraudulent claims. As the vast majority of premium income is spent on claims, improving these processes has an immediate impact on the bottom line, as well as improving customer experience.

Solution: Explainable AI from Logical Glue

Manual claims handling processes can lead to delays in decision making, frustrating customers and contributing to customer churn. XAI from Logical Glue allows insurers to improve the claims handling process, deliver excellent customer service and handle claims efficiently. Using enriched data in conjunction with XAI can reduce claims handling costs by over 8%.

Significant improvements can be achieved in claims leakage, auditing, subrogation and litigation avoidance with the use of Machine Learning systems. This enhances the claims experience for customers and members of the supply chain, significantly reducing costs and inefficiencies for insurers and supports the move towards a frictionless claims process.

Get in touch

Let Logical Glue build you a brighter business future.

Logical Glue’s team of highly experienced machine learning experts can help you to harness the explosive power behind XAI and Data Science: our cost-effective solution provides business-critical assurance through our expert marrying of cloud-based machine learning, data science and lending acumen as an intuitive learning experience.

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