Partners

Industry challenge

Insurers face increasing pressure to control and optimise their profit margins (direct insurers, price comparison websites, low interest rates). Pricing sophistication has become a key differentiator, but pricing processes remain long, manual and iterative. While AI could significantly improve this process, standard machine learning algorithms generate models that cannot be put in production because of regulatory constraints and risk of adverse selection. Akur8 is the only technology on the market that reconciles machine learning and actuarial science to automate the generation of transparent, production-ready GAM/GLMs.

The solution

Akur8 leverages the power of Machine Learning & predictive analytics to inject game-changing speed and accuracy to insurers’ pricing process. The solution supports pricing experts at every step of the pricing process, generating significant efficiency. From data processing and visualisation to exporting final models, Akur8 provides a comprehensive modular approach to pricing built around three main modules:
1. Risk – to build technical models and pure premiums
2. Demand – to build behavioural conversion and retention models and measure price elasticity
3. Rate – to iterate on rate plans (commercial premiums) and run portfolio analyses

Business benefits

• Speed – Make your pricing process 10x faster
• Performance: Improve the predictive power of your models
• Transparency: Ensure full compliance with local regulation

Industry challenge

With more than 71% of the global deaths (according to WHO.org) caused by preventable disease, the Insurance industry wishes to move from being a claims payer to a lifetime wellbeing partner, helping people achieve and maintain better health and wellness levels, while better assessing risk and providing preventive, personalized services, at lower costs.

The solution

As a B2B company, Binah.ai provides the Insurance industry with an AI-powered, 100% software solution (SDK) they can easily integrate into their app or workflows to allow clients monitor health parameters, just by looking at the camera of a smartphone, tablet or laptop camera – anytime they need, anywhere they are, in only one minute. End-users are able to extract a wide range of health parameters such as blood pressure, heart rate, heart rate variability, oxygen saturation, respiration rate, mental stress, relaxing ability and more, and share this important health data with their insurers so they can better support their care, wellness and health improvement efforts.

Business benefits

• Enhance wellness programs success using members’ objective health data
• Streamline and empower underwriting and STP with remote, real-time health and wellness monitoring
• Better assess risk and increase prevention
• Lower operational costs (no need for wearables, less human time spent on health assessments)

Industry challenge

Insurance companies try to sell the same product, at the same price, to customers who have unique needs, risk characteristics and price sensitivities. This commodity based selling, may cause the loss of customers who are willing to pay more for increased comprehensive coverage, as well as customers who cannot afford the product and are willing to give up some coverage to pay less.

The solution

The joint Earnix and Sapiens solutions uses Earnix for the quoting process on Sapiens’ system. It provides an end-to-end pricing and product personalization software suite, driven by world-class data science, analytical modeling tools, and integrated machine learning. The Earnix suite replaces fixed pricing tables with dynamic pricing API. With the dynamic pricing and product personalization solution, insurers ensure they are offering the right product, at the right price to the right person.

Business benefits

• Rapid personalization of both claims and policy correspondence reduce cycle times by utilizing previously generated templates
• Easy access to a central repository of templates, plus automated data and content prefill document templates, save agents time
• Built-in document preview capability during authoring facilitates a quick turn-around from edit to production

Industry challenge

Insurers struggle to access multiple payment providers and technologies to cover their complex needs. Their legacy IT systems make these integrations a long, expensive, and resource-draining process. On top of that, insurers lack the payment know-how and specialist resources needed to optimise their payments system in-house.

The solution

Through one single connection to us, Imburse connects any organisation, regardless of its existing IT infrastructure, to the entire global payments ecosystem. We do all the heavy lifting of connecting to payment providers and technologies around the globe, making it easy, fast and inexpensive to deploy new technologies, for both collections and pay-outs.

Business benefits

• Improve speed-to-market
• Maximise payment options
• Improve customer experience
• Reduce costs
• Access unified reporting and payment analytics
• Traditional integrations are complex, expensive and time consuming. The Imburse solution looks to remove this obstacle of by offering enterprises a single, convenient entry point to the entire global ecosystems of payments.

Industry challenge

Insurance organizations face many payment processing challenges from improving reconciliation efficiencies, reducing policyholder churn and keeping costs low. Add to that the burden of compliance liability, the pressure of ever-changing customer expectations and the need to reduce policyholder churn. The challenges may well seem insurmountable.

The solution

The joint Sapiens and Invoice Cloud solution delivers a streamlined omni-channel payment experience that improves operational efficiencies by simplifying the payment process and increasing self-service adoption. Invoice Cloud’s tight, real-time integration with Sapiens’ industry leading software solutions accelerates reconciliations, while providing a seamless payment process for policyholders. Invoice Cloud provides a simple, secure online billing and payment solution for insurers.

Business benefits

• Rapid personalization of both claims and policy correspondence reduce cycle times by utilizing previously generated templates
• Easy access to a central repository of templates, plus automated data and content prefill document templates, save agents time
• Built-in document preview capability during authoring facilitates a quick turn-around from edit to production