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

In the increasingly competitive insurance market, there is a need to target the right person at the right price and to understand the competition. Customers demand their insurance products faster than ever before and are willing to shop around for an insurer that provides them both the best quote and the most accurate reflection of their needs.

Sharpening quote conversion is vital for insurers to stay competitive, through traditional channels but especially through online applications. Underwriters need the tools to both understand a customers’ propensity to convert, but also the levers that they can pull to change customer behaviour.

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.

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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