Introduction of Automated Machine Learning Platform in the Insurance Industry
Right off the bat, Machine Learning is an application of artificial intelligence (AI) that provides systems with the ability to automatically learn and improve from experience without being explicitly programmed. You often catch it in the news: either being a part of a revolutionary innovation or evidently changing the lives it touches.
As an insurer, this mechanism should already seem familiar to you. But if machine learning is new to you, here’s an overview of how it’s currently used in some of the most recognizable insurance companies in the world:
- Progressive Insurance uses it to predict claims from telematics to geospatial data;
- Zurich Insurance uses it to support marketing, fraud detection and claim management; and
- Transamerica uses it to recommend products to customers.
To understand its purpose:
- Machine learning delivers more accurate predictions than traditional analysis or human judgement.
- Modern techniques make these predictions easy to understand and transparent.
- With better predictions, managers make smarter decisions.
- Smarter decisions produce more revenue, lower costs and a better bottom line.
However, imagine being able to all that in a fraction of the time you need when using traditional data science methods, yet still deploy highly accurate machine learning models. With DataRobot, you get the best predictions possible with your data as it packages data science expertise, best practices, and world-class Insurance industry experience in a machine learning automation workflow. It provides a platform for users of all skill levels to produce accurate predictions and helps insurers take machine learning out of the research lab and put it to work.
Accelteam has been actively working with customers from various industry segments driving business improvements using machine learning solutions like Datarobot. Be it a customer with or without data scientists in their organisation, Accelteam has the right solution to meet the customer’s expectations in their machine learning and AI quest.
In fact for the past two decades, AccelTeam has been one of the leaders in providing data-driven analytics solution in this region. If you would like to know learn more about DataRobot and machine learning solutions, please reach out to us at firstname.lastname@example.org