Inaccurate pricing is costly for insurance companies and pricing of plans is an ongoing battle. This solution improves competitors’ customer base, reduces customer retention, and attracts risky customers. Therefore, actuaries spend hours on fine-tuning pricing models
The AI-based pricing models deliver significant reductions in the time required to introduce new pricing frameworks. Time-to-market can be condensed from months to weeks.
The solution ensure increased profit by optimizing the prices of plans. AI builds speed, flexibility, and reduces the risk of mispricing.
This solution is powered by the H2O AI Cloud Driverless AI AutoML, H2O-3, and H2O.ai Wave. The data science approaches include genetic algorithm, advanced feature engineering, regression algorithms, GLM, GBM, XGBoost, ensemble stacking, and various machine learning interpretability algorithms.