Slice Labs is rolling out new services to help insurers make better decisions on everything from claims to fraud.
The on-demand insurance platform has unveiled four new artificial intelligence-powered Slice Mind services.
The first one is named Industry Prediction. According to the InsurTech company, it “represents the first commercialised approach in the insurance industry using data driven technology to enable insurers to classify client business activity that serves as the foundation for evaluating potential risk.p>
This service provides users with context by classifying clients by from a website, certain keywords or even a single sentence.
The second service is named Cyber Risk Modeling. As the name suggests, this cybersecurity offering is able to properly gauge cyber risk and provide actionable recommendations to customers on how they can minimise the risk, keeping themselves safe from hackers and other digital risks.
The third product is named Geographic Scoring and enables insurers to make ongoing pricing, underwriting and claim settlement decisions with continuous adjustments using data based on geographic distribution of risk. Geographic Scoring is marketed as a particularly valuable service for risk management in regions prone to natural disasters such as fires and floods.
The fourth and final new service is called Claims Fraud Prevention. It basically does what it says on the tin: reducing the risk of falling foul to fraudulent claims. The Claims Fraud Prevention Service manages this by checking the behaviours of customers and running the data through machine learning models to uncover potentially fraudulent activity. The offering continually learns and adapts to customer behavior and industry trends to protect insurers.
?Slice is committed to demystifying hype around the potential for AI, ML, and analytics in on-demand insurance,said Stuart Baserman, CTO and co-founder of Slice. ?Our data science experts have the acumen and confidence on how to effectively connect data with the real-world use cases so insurers have clarity on how to leverage AI and data in meaningful ways. A major value-add of these new services for insurers is that our expertise is available within minutes compared to having to build an internal team of machine learning specialists and data scientists.p>
The news comes hot on the heel of a year when Slice Labs uses the funds from its $20m Series A funding round to sign new partnerships with both AXA XL and Nationwide.
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