In the near future, the primary channel for selling insurance services will be online. In comparison with the traditional sales model, the main risk springs from the lack of contact with the customer. In this instance, insurance institutions wanting to achieve effective policy sales turn to defining people by way of profiles based on historical data. Experience has shown that a crucial percentage of insurance customers are extremely difficult to classify, increasing the likelihood of wrongly evaluated risks and poorly compiled quotations.

MakoLab’s AI Personalisation Engine module, a solution which uses AI and is grounded in deep neural networks, is a tool which draws on various sources, such as data from social media and users’ interaction on an insurance company’s website, to build individual customer profiles.

Risk assessment in insurance institutions still requires intense human involvement as a result of the complexity of the evaluation process and the sheer number of parameters which have to be considered. As the range of offers become increasingly intricate and the varieties of insurance and competition on the market continue to grow, the analogue calculation of risk is the primary factor influencing the time it takes to process a request for insurance and draw up the policy. This, in turn, has an impact on the costs of the entire operation.

The MakoLab AI Risk Management module is a solution designed to support decision-making at the various stages of the risk assessment process, taking historical data into account. Thanks to advanced algorithms using AI, we are able to reduce human involvement and decrease the cost of analysing requests for insurance in a process carrying a level of risk which is either the same or lower.

Given the sheer diversity of potential frauds and the insignificant base of provisionally defined standard models of fraud, detecting insurance frauds is a critical issue. This is all the more true in the light of the possibilities offered by access to technology which, in this case, represents not only support, but also a threat to the entire process. When creating models for bringing crimes to light, it is important to bear in mind not only the savings made by reducing losses thanks to the effective prevention of attempted frauds, but also the costs of false or unwarranted alarms.

The AI Fraud Detection module by MakoLab supports insurance companies in uncovering various types of fraud and constitutes an essential part of processing a request for insurance. It also uses MakoLab’s AI Personalisation Engine module to create better profiles of potential customers and our Claims Management solution, which features an automated initial risk assessment that enables insurance companies to prepare damage quotations for payment without the need to engage expensive experts.