The Insurance Brain: AI-Driven Policy Recommendations Posted on : Feb 18 - 2020

In today's competitive global insurance market, insurers are striving to create new ways to successfully overcome two important and opposing forces: creating short-term revenue growth for the company, while also meeting customers' needs for product offerings and services that are personalized, relevant, and provide long-term value.

In meeting these challenges, insurers realize the strategic importance of their data, and how AI and machine learning (ML) can help them better achieve their business goals. But while investments in AI are growing, challenges in resources, technology infrastructure, and the ability to operationalize models quickly and efficiently can prevent insurers from fully leveraging AI and data science to drive business impact.

These were some of the challenges faced by leading global insurance company MS&AD Insurance Group Holdings (MS&AD), and the impetus behind its development of an innovative solution that leverages AutoML 2.0 to optimize their data science investments. This fully automated data science platform enables MS&AD agents to create proposals to reflect the current and potential insurance needs of their customers, leading to increased revenue, as well as customer loyalty and satisfaction.

MS&AD, Innovation Through Technology

MS&AD Insurance Group Holdings is the world's fifth-largest property and casualty insurance company with $50 billion in revenue. MS&AD has been a leading innovator in leveraging digital transformation to advance the insurance business. One of the critical goals in their digital transformation journey is to optimize customer value and utilization of its products and services.

The idea of using digital transformation to enhance customer experiences led to the development of a strategic digital platform, called MS1 Brain. The MS1 Brain platform utilizes AI and machine learning to analyze available customer data, such as contract details and history, accident information, and lifestyle changes, to predict customer needs and recommend the best products and services to meet those needs and drive long-term value. The platform also helps generate targeted customer communications, including personalized videos on products and services created to meet the specific needs of each customer.

MS1 Brain was created for MSI, an affiliate of MS&AD, to enable MSI's agents to create personalized, data-driven proposals tailored to consumer needs. The platform also needed to be easy to use so that agents could generate proposals and leverage data without prior data expertise. View More