AI Superior has developed an innovative solution for an insurance company that was seeking to provide usage-based insurance to their customers. Leveraging deep learning algorithms, AI Superior has created a model capable of analyzing telematic data from drivers’ phones, enabling the detection of driving behaviours and providing personalized discounts and recommendations to promote safe driving.
Data-Driven Insurance: Deep Learning Solution for Usage-Based Insurance
Summary
Challenge
The insurance company operating in a medical/health domain was facing the challenge of pricing policies development. For them, it was important to understand risks related to a particular patient and adjust pricing policy models accordingly. In turn, the customer was expecting to experience considerable savings.
Solution by AI Superior
We built an application based on a machine learning model to predict the probabilities of a particular disease according to many input features and parameters including medical history. For that, we trained a deep learning model that was effectively dealing with intrinsic challenges such as class im-balance. Additionally, we built a validation framework to objectively compare multiple approaches and ensure that the created model was significantly outperforming others.
Outcome and Implications
The developed Data Science solution significantly outperformed the baseline models relying on statistics. The model outcome was used to optimize pricing policy to increase revenue and better manage risks.
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