Insurers are awash with data from underwriters, customers, claims, and beyond. Many are dealing with antiquated systems and disconnected data sets. Soothsayer can help bring this data together and utilize Machine Learning to answer lingering questions, predict the future, and optimize everything from targeting customers to streamlining underwriting to ensuring that claims are valid & processed in the shortest amount of time.
Soothsayer has helped dozens of Fortune 1000 & Midsize companies capture ROI via custom A.I. solutions
- Duplicate & Fraudulent Claims Detection
- Group & Member Claims Forecasting for Quoting Policy Renewals
- Computer Vision & NLP Fraud Detection
- Predicting Claims Cost, Duration, and Litigation
- Predicted Lost Customer Churn
- Underwriting Data Collection Automation
- Chatbot for Call Center Service Reps
- Agency, Underwriter, & Policyholder Segmentation
- Proactive Recommendation Engine
- Predicted Patient Adherence to Prescriptions
Key uses of Artificial Intelligence in insurance
Presence of counsel in auto claims
Predict not only the payout amount, but also the likelihood of litigation in an auto claim in case of property damage or bodily harm
Agency performance prediction
Advanced machine learning algorithms can predict how much new business a newly appointed agency can bring in for commercial lines and personal lines in a fiscal year
HOI claim payout in case of catastrophes
Predict the payout for HOI claims in the aftermath of catastrophes such as fire, hail, flood etc.
Pricing insurance premiums
Advanced AI algorithms can be used to determine premiums for health, travel, auto and property by assessing assets and customer profiles
Fraudulent claim detection
Applying natural language processing techniques to analyze text from the claimant’s narrative
Predicting workers compensation claim payout
Artificial intelligence can predict the outcome of a case by studying similar past claims
.jpg "AI Based Underwriting Model - Forecasting Claim Expenses for a Leading Healthcare Insurance Provider")
