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Success Story

Enhancing Auto Insurance Risk Assessment Using AI-powered Risk Assessment Engine

Struggling with inaccurately assessed risks and delayed underwriting, the client implemented an AI-powered risk assessment engine using real-time vehicle and driving data. This enabled more accurate pricing, faster policy approval, and improved customer retention.

  • Reduction in claims losses through proactive risk model adjustments

    5%

  • Increase in customer retention via personalized pricing and engagement

    10%

  • Faster underwriting process with reduced manual intervention

    25%

About the client

The client is a leading provider in the auto insurance space and one of the largest insurers globally. The client achieved 4% revenue growth through new market expansion enabled by AI-driven solutions.

Challenges

Inaccurate risk assessments lead to suboptimal premium pricing, while manual policy approvals cause delays that frustrate customers. Additionally, a lack of personalization drives high customer churn, highlighting the need for more efficient and customer-centric processes.

Solutions

Real-time vehicle data analysis (steering, lane guidance, emergency braking) to enhance underwriting precision

Telematics-based driving behavior modeling for more accurate risk profiles

Automated marketing outreach using AI segmentation to offer lower premiums to safe drivers, boosting retention

Results

The AI platform delivered a more efficient and customer-centric underwriting experience. It enabled dynamic risk scoring and automated outreach, contributing to reduced losses, quicker approvals, and improved client satisfaction.

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