Insurance

Before the pandemic hit, AI was transforming how insurers conducted functions like automating routine claims processing, powering underwriting, and detecting fraudulent claims. With Modzy, insurers can leverage AI to power these capabilities through a centralized, secured platform.

In this new era, Modzy offers real promise to proactively mitigate risk, drive down costs, and improve customer service 

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, offering more personalized policy options across property and auto insurance, and more.  

As insurance organizations leverage their own AI models to power critical business functions, Modzy offers a secure platform to deploy and manage models used in enterprise applications, through a flexible, open architecture solution that integrates easily with systems such as Salesforce and ServiceNow . The platform provides a centralized location for organizations to store, deploy, govern, secure, monitor, and retrain any models in use in production systems. Modzy makes it easy 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.  

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.

Underwriting

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 Detection

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

Damage Estimation

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

AI powered by Modzy

Modzy Powers AI Transformation for Insurance Companies

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, retraining, governance, and security.