Simplification of the application process for insurance rates

[at] designs, evaluates and implements a wide variety of use cases, always keeping the customer in focus.

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Reduction of risk questions
by 78 %
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Significant simplification of the application process

Automated evaluation of 1.300 characteristics from external providers

Challenge

An international insurance group wants to offer an online-enabled building insurance plan. In order to optimize the application route, as few risk questions as possible are to be asked. To ensure that the risks can still be assessed correctly, the risk questions are to be replaced by data from external providers.

Solution

About 1,300 characteristics from external providers are evaluated. From these, targeted candidates are selected to replace the risk questions. A substitution algorithm is used to check each risk question and, if necessary, substitute it with external data. Close cooperation with the actuaries ensures that the rates are set in a way that makes sense from a technical point of view.

Result

78 % of the previous risk questions can be preassigned, replaced or omitted with the same forecast quality. New external data can be checked and integrated by the actuaries themselves at any time.

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