is automated decision-making tool tailor-made for the needs of the insurance sector. It relies on A4E`s proprietary algorithms as well as input data available at the insurance company to score the profitability potential of particular insurance contract.
Knowing whether a particular insurance contract is going to be profitable or not is a crucial business advantage. By elimination of the guesswork and turning existing business data into an instant advisor is an opportunity to deploy InsurTech at its best. The profitability assessment generated by a4Insurance is backed up with the factors that led to a specific result.
a4Insurance relies on risk/profitability analytical model, which is utilizing existing business data. The model can handle multiple variables including but not limited to GWP, options and limits, brokerage discount, administrative costs, age and gender distribution, company specifics, etc. a4Insurance is assessing the risk/profitability potential for every insurance offer in order to point out the expected outcome. The service is capable to be incorporated within the ERP environment of the insurance company. It makes the sales process faster while keeping the risk into the desired boundaries.
Human work might be biased and inconsistent to a certain degree. Regarding underwriters' work, it could be extremely time-consuming. That is why a4Insurance is aimed to help instantly the insurance companies` staff to be more efficient in terms of initial offering to the prospective client. With the help of this tool, underwriters are not just faster at their work but also more precise, hence profitable for the company.
By determining the potential risk contained within the particular offer, the insurance company has access to leverage that is managing the quality of its policies, hence their financial impact. This way, the insurance companies could be more efficient in terms of their offer by being aware of the potential risk in front of any particular offer.
Among the crucial impacts that a4Insurance is giving to our clients is the increased speed of the sales process. When there is an opportunity to decide in seconds whether an insurance policy will be profitable or losing, the team gets more time to focus on the offers within the gray area. The insurance company doesn’t need anymore to go through detailed risk assessment for every particular offer, which at the end of the day means a faster and more precise offering process.
By proper determination, whether a particular insurance offer is going to be profitable for the issuer or not, insurance businesses can adjust the offer in advance to achieve the desired performance. a4Insurance is assessing not just the risk but is also predicting the potential claim amount. On top of this, the tool is suggesting which particular parameters should be adjusted to achieve the desired risk level, hence contract profitability.
A4Insurance is delivering its output in real-time. This means that the sales consultant will know the potential profitability of a particular offer within seconds. This is how the automation of the underwriters' work is enabling businesses to get a shortened and more efficient sales cycle.
Insurance companies often prefer bulk contracts since working with individuals might be inefficient, especially in specific product groups. a4Insurance is enabling insurance businesses to work on a granular level where the approach we have formed for our credit scoring as-a-service is allowing the development of brand new insurance products dedicated to individuals.
Insurance companies are able to perform way better at a lower cost per result.
Insurance contracts which are more profitable via controlled policies quality.
The automation of underwriters work makes them faster.
Tunable risk/profitability analytical model, handling multiple variables.
Brand new products opportunity by working on a granular level as well as custom pricing creation.
Leverage the innovative technologies shaping the future of the insurance industry.