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Harnessing AI to improve Loss Ratio for Insurance Carriers and MGAs

Helping You Stay One Step Ahead

Global warming is contributing to more frequent and severe natural disasters such as hurricanes, floods, wildfires, and storms. These events can cost billions of dollars in damages, leading to increased financial losses for insurance carriers. Staying one step ahead of future trends and developing proactive mitigation and pricing strategies is important for carriers to stay profitable. By using the power AI on your data, insurance carriers can turn these challenges into business opportunities.

We offer a full suite of products, IRIS Solution, that enables you to assess risk precisely based on your own historical data as well as take advantage of several 3rd parties data sources. With easy-to-understand scores on a 100-point scale, you can more accurately assess the risk of individual policies.

Overview

IRIS: Risk Analytics and Risk Score

IRIS provides a Risk Analytics Solution and Risk Score that will enable insurance firms to assess and quantify risks so that they can make better and faster Underwriting and Pricing decisions.

IRIS Risk Scoring that will enable insurance firms to assess and quantify risks so that they can make better & faster Underwriting and Pricing decisions.

How AI and predictive analytics is used by IRIS

Risk Mitigation

AI algorithms within IRIS platform analyze vast amounts of data from multiple data sources, including internal and external sources, related to a property including surroundings, historical claims data, property attributes, geographical data, weather patterns, etc. The analysis helps identify patterns and assess the level of risk a property may face and enable stakeholders to take appropriate measures to protect their investments and ensure the safety of residents.

The predictive data models, built within IRIS, allow insurance firms to estimate the likelihood and severity of future property-related events such as natural disasters, accidents, or vandalism. These models can factor in historical data, environmental factors, and other relevant variables to instantly provide insurers with a forward-looking view of risk.

By analyzing historical data and risk profiles, our AI based algorithms aid in identifying trends and developing preventative and risk mitigation measures, such as installing safety systems, reinforcing structures, or implementing landscaping strategies to minimize the likelihood or impact of a loss event.

HOW TO GET THERE

How to get there: AI Platforms for Property Risk Management

Platforms powered by AI, provide insurance companies with a comprehensive solution for property risk management. The platform helps underwriters by assigning a risk score to a property based on various factors such as location, construction materials, age, proximity to natural hazards, and more. This helps insurance underwriters make informed decisions about policy pricing, coverage, and terms.

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Incorporate Self-learning technology for Effective Risk Mitigation

The power of claims data in our industry is well understood but rarely leveraged to its full potential. Leveraging historical claims data, insurance firms can apply machine learning to understand trends and impact of multiple variables on loss ratio, allowing firms to continuously refine underwriting protocols and improve loss ratio.

AI platforms regularly update its algorithms and models to identify risk patterns based on past outcomes, the latest claims data and catastrophic events data available through several external sources. This dynamic approach ensures that insurance executives have access to the most accurate and up-to-date property risk assessments. By leveraging these insights, insurance executives can make proactive decisions, improve underwriting strategies, optimize pricing and improve loss ratio.

RISK MANAGEMENT
(IRIS SCORING SOLUTION)

Improved Risk Selection
Underwrite accurately with risk scores, “red-flag” indicators

Leads Prioritization
Find the best customers to target new business & renewal

SMART Workflows
Insights embedded into JetFile with predictive accept/decline rules

DATA MANAGEMENT
(IRIS DASHBOARD)

Turnkey Dashboard
Each submission will have a visualization available via IRIS

Trends Analysis
Policy/Premium Trends Analysis to enable key business decisions (Pre-build)

Customizable Dashboard
Ability to create custom dashboards for each client (No development time/resources)

DATA ANALYTICS & INSIGHT
(IRIS ANALYTICS PLATFORM)

Underwriting Analysis
Identify underwriting variables that have the most important impact on the risk outcome

Claims Analysis
Claims Insight to improve Underwriting on a real time basis

Predict Losses
Predict the probability of a claim at the time of binding policy

Benefits and specific use cases of IRIS

1

Improve quality of risk selection to ensure profitability.

“Underwriting Appetite Score” tailored to your risk selection methodology
2

Rate property risks more precisely to ensure profitability.

Risk-based pricing helps you to price accurately and offer competitive pricing
3

Refine underwriting practices based on claims trends

Leveraging claims data and trends enables you to continuously improve underwriting
4

Lower Underwriting Costs and Improve Efficiency

Enables straight-through processing, minimize human intervention and lower costs
5

Improve Customer Experience and Responsiveness

Enables carriers to meet customers’ expectation of quick turnaround times
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