Insurance Pricing

Insurance Pricing

Automated

steps to create your models

Secure

options of cloud deployment

Explainable

20+

plots and tables to analyse results

Accurate

+10%

increased predictive force on case study

Insurance Pricing

Our product is dedicated to both a pricing manager and a pricing actuary in non-life insurance pricing departments. It automates and enhances all insurance pricing process phases:

Data Preprocessing – collects claim data, quotas and external data and performs any data transformations required such as removal of missing values, encoding categorical data or scaling in an optimal way.
Risk Modelling – automatically discovers important interactions and selects fair pricing models with traditional actuarial techniques such as standard GLM’s, AI-boosted GLM’s or interpretable actuarial machine learning models.
Pricing Optimization – selects an optimal pricing strategy by combining results of risk and conversion modelling to improve technical result and minimize negative selection.
Model Deployment & Monitoring – save your project or deploy the best models for production purposes.

Want to see it in action? Request a demo

Pricing Actuary boosted with AI

Standard pricing modelling involves manual fitting of GLM models to catch non-linearities and capture all trends in the policy data. This tedious, resource consuming and error-prone process can be automated by two novel methods offered by insurance pricing module of ActuAI platform:

AI-boosted GLMs

Interpretable actuarial machine learning models

AI-boosted GLMs allows your actuaries to spend less time on feature interaction analysis as well as coefficient smoothing procedures. Sophisticated machine learning models are black-box – to address this issue we offer interpretable GBMs & neural networks understandable thanks to Explainable AI algorithms dedicated to actuarial processes.

Automation for managers + Flexibility for actuaries

Our automated machine learning algorithm and comprehensible UI allow building, deploying and analysing results of a pricing model without any programming knowledge in a few minutes.

On the other hand, for most advanced users we offer a possibility to load their own models or data transformations and still benefit from model serving infrastructure as well as other parts of the platform such as XAI. Moreover, your IT department can use our API to plug selected parts of our technology into existing solutions & products.