There’s no denying that AI can produce enormous benefits across key areas of insurance. Here are five ways that insurance companies are using it to impact their bottom line.
Harness data to meet customers’ changing needs while effectively assessing and protecting against new horizons of risk.
Harnessing the power of data in insurance
In today’s competitive landscape, customers view insurance policies as replaceable if their needs aren’t being met by the provider, making it more important than ever for insurance companies to leverage their data and develop advanced, meaningful strategies.
RapidMiner empowers insurance companies to do just that! With our leading analytics software, you can harness the power of your data to meet customers’ needs while protecting your business against risk.
Insurance Industry Use Cases
Why AI Now?
Getting it right in insurance is harder than ever. The complexity of risk is rising due to climate change, terrorism and cybercrime. Smart homes and autonomous vehicles are creating a complex, new industry dynamics and unprecedented considerations when crafting policies.
The analytics behind today’s underwriting, valuation and fraud detection need to be re-invented to be lightning fast, laser accurate and adaptable to changing demands. Failure to deliver means, at best, lower profit and dissatisfied customers. At worst, it exposes insurers to massive losses.
US STATE AUDITORFraud detection is usually manual and labor-intensive. At scale, it can be a tricky problem to tackle. Learn how RapidMiner helped this organization apply AI to identify $20M of fraud.
GLOBAL PHARMACEUTICAL BRANDMost businesses can only make guesses about how likely prospective clients are to engage with marketing channels. Learn how RapidMiner helped make more accurate predictions to prioritize marketing budgets and produce better outcomes.
What Our Customers Say
The RapidMiner team has been amazing from day one. We have a small RapidMiner footprint but are treated like a top tier customer. The availability of a data scientist to help with real world problems was an added benefit that is priceless.
RapidMiner Studio represents an efficient balance between, on the one hand, an intuitive interface with a streamlined workflow, and, on the other, access to a broad suite of sophisticated, underlying models and data handling routines. This balanced design can only have been brought to market by developers who truly understand the modern data science workflow. The RapidMiner team is responsive and knowledgeable about the underlying technology. They have been a true partner in helping us to correctly configure our deployment.
Predictive analysis is one of the important things to analyze the future highs and dips, RapidMiner Studio provided the ability to speed up and automate the creation of predictive models with visual interface, connect with any data source, support data base processing and more. We like this application because it's super fast and easy, which provides accurate and perfect analysis.
We started using RapidMiner Studio and AI Hub about 3-4 months ago. We wanted an end-to-end data science platform that could easily be configured with our legacy source data systems, as well as easy direct connections to external data sources—in addition, a product with a variety of supervised learning models which allow us to quickly iterate. RapidMiner has been excellent in that aspect.
Gartner Peer Insights reviews constitute the subjective opinions of individual end users based on their own experiences, and do not represent the views of Gartner or its affiliates.
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