It’s a risky business. Fraud alone costs the insurance industry more than $40 billion a year, excluding health insurance. And that was before COVID-19. Fortunately, AI has the potential to transform the way the insurance industry does business.
Before the pandemic hit, we were already seeing tremendous headway in AI application among insurers for basic functions like automating routine claims processing and increasingly, underwriting. More and more are finding ways to improve and personalize customer service using chatbots or better predict and manage risk by diving deeper into the insights hidden within data. Equally important is the opportunity to use AI models to detect and deter fraud, further demonstrating the way that AI technology has the potential to augment human ability in meaningful ways.
So what to do now in this new world? Don’t hold back on AI efforts designed to find a better path forward.
In this new era, Modzy offers real promise to mitigate risk, drive down costs, and improve customer service
As insurance organizations develop their own AI models, Modzy offers a secure platform to deploy and manage those models at enterprise scale. Modzy can be used to add AI capability to any application or tool through a few lines of code, all while gaining the advantages of centralized model management, governance, and security. Using Modzy will slash the time it can take for your development teams to deploy AI models to production scale. With little training needed, you’ll be on your way to realizing the benefits of AI across your enterprise.
Modzy offers a wide range of options, both for the innovative organization looking to better manage AI investments, and the group looking to get started with AI adoption. While some organizations want to leverage the power of the management features of the Modzy platform for their own models, others may want access to models that are ready to deploy with just a few lines of code. The Modzy marketplace is a super source for over 70+ (and growing) pre-trained and re-trainable AI models from leading machine learning companies. You can also retrain your own models, or models in the marketplace, to achieve peak performance on your own data. Available across a range of functions—computer vision, natural language processing, simulations—our models make it easier than ever to realize the benefits of AI for the insurance sector.
Innovation across the insurance sector is already underway. Some of the potential use cases include:
Automate the underwriting process through the power of AI, which offers the ability to offer personalized pricing options based on an individual’s risk considerations.
- Automate and replace manual review processes
- Conduct individual risk-based underwriting and pricing recommendations
- Improve predictive modeling to drive profit margins
- Improve loss control and risk assessment practices
Fraud is already costing the industry billions, with price tags only rising. AI offers huge promise for its ability to sift through data and detect and flag fraudulent activities in real time.
- Detect discrepancies in claims data to alert reviewers ahead of fraud attempts
- Recognize and flag fraud methods through identifying non-obvious patterns in data
- Monitor claims for signs of fraud
Imagine the speed and scale computer vision could add to your ability to analyze and interpret satellite images of homes, cars and more.
- Streamline and accelerate claims processing
- Improve accuracy
- Quickly estimate damage on homes and other property
- Accurately predict claims legitimacy as well as potential for large loss in certain claims
Consider the ways Modzy can accelerate your organization’s AI adoption and management:
- Provides a secure, scalable platform
- Deploys, scales and manages AI to the enterprise
- Provides access to our model marketplace, where you can retrain models to your needs
- Scaled deployment to any infrastructure: cloud, on-premise or to the edge
- Keeps data safe and secure, with embedded governance and adversarial defens
We see it over and over. Organizations with a custom AI platform or existing models developed through R&D efforts struggle to scale to the enterprise. Modzy squashes that struggle with a simple interface that lets you layer on embedded governance, adversarial defense, and even explainability to manage your AI at enterprise scale.