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

As customers increasingly search for a highly personalised products, insurers need to write policies that are more reflective of an individual customer’s risk. This often involves using non-standard risk factors that are obtained from new data sources, which do not fit into the standard actuarial “rating factor” approach.

Insurers also face communication difficulties regarding their pricing models, both internally and externally. Underwriters have difficulties understanding the output of traditional actuarial models, while customers increasingly demand explanations on how their data is being used to make decisions, thus trust and transparency with the current process becomes ever more important. As insurers look to increase their automated underwriting, they need to consider a customer’s “right to explanation” for any decisions made.

Solution: Explainable AI from Logical Glue

The size and variety of new data sources available to insurers mean that the use of AI is the best way to both build models quickly and extract deeper patterns from data. However, an opaque “black box” AI solution fails to address the communication issues for insurers, both internally in terms of giving the underwriters the right tools to make pricing decisions, and externally to create a strong customer experience and satisfy transparency concerns for any pricing decision made.

Logical Glue’s XAI solution provides a new approach to risk pricing. Automated underwriting can be increased, allowing underwriters to focus on high-value decisions with the benefit of human interpretable rules, bringing more speed, granularity and consistency to the underwriting process.

“We expect to drive over £2million potential profit from our new claims model created on the Logical Glue Platform for Insurers.”
Head of Analytics, Leading Insurer

“Logical Glue’s ML Platform is among the best available and we can now be much more nimble in assessing an application, but more importantly ensure that we are providing credit to the right people.”
Julia Throop. MD, Afforditnow

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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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