Solution: Explainable AI from Logical Glue
Due to the huge volumes of quotes that insurers see on a daily basis, the use of Al is a necessary step to extract value regarding customer behaviour and business success, both in terms of speed and accuracy. Al can meet the customer’s demand for a personalised service, allowing a business to quickly build models that reflect the customer profile based on traditional and non-traditional data sources.
However, an opaque “black box” Al solution will only ever be of limited use and fails to address the increasing demands from the customer for model accountability and transparency, as well as the business demands for having the tools to influence a decision.
The Logical Glue XAI solution combines the power of machine learning with explainable, business ready output. This empowers underwriters with both a clear understanding of a customer’s propensity to convert, but also the key factors, such as price, that they can optimise to change consumer behaviour, without compromising the overall risk of the portfolio.
The high volume of quote data also means that businesses get fast feedback as to the effectiveness of their decisions. Logical Glue’s models continue to learn over time, constantly adapting to reflect market conditions and create a better customer experience.