‘Last Mile’ AI Solution Predicts Customer’s Life Insurance Renewals with Superior Accuracy Using Deep Learning
BURLINGAME, Calif., May 30, 2018 -- Razorthink Inc., a leading Enterprise AI Systems Development company, today announced it has been chosen as a Nominee for the 2018 Insurance Nexus AI Pioneers Award in the category of Customer Experience Applications. With significant AI initiatives industry wide, the Insurance Nexus AI Pioneers Awards recognize the companies that are daring to risk and lead the path in Insurance AI.
“AI and Machine Learning are the only methods by which insurance carriers will be able to meet future customer demands,” said Mariana Dumont, Head of New Markets, Insurance Nexus. “The AI Pioneers Awards are looking to recognize the executives and organizations who are leading the way in the use of cognitive technology for improved customer experience and as such, we are excited to have Razorthink nominated for this award!”
This nomination was the result of an AI solution that Razorthink developed for a leading insurance company aimed to dramatically improve the conversion of life insurance renewals. The Razorthink AI application contains a customized hybrid Deep Learning model that predicts the propensity of whether customers will renew a life insurance policy and provides insurance representatives with propensity scores for individual customers along with explanations of how the algorithm came up with the score and supporting points. The solution enables insurance representatives to focus their efforts on customers at risk to not renew their life insurance coverage and take actions that positively impact the outcome.
“We are honored to receive this nomination from Insurance Nexus,” said Barbara Reichert, vice president of marketing at Razorthink. “We believe that AI data science is a game-changer for the Insurance industry because we have seen first-hand how applying hybrid Deep Learning models to complex data analytics challenges can deliver intelligence never before possible. AI has tremendous potential for this industry and we look forward to powering more insurance companies with AI solutions.”
The winners of the Insurance Nexus AI Pioneers Awards will be decided by the insurance community and announced on June 27th at the Awards Ceremony hosted by Insurance Nexus at the leading industry conference, Insurance AI and Analytics USA - June 27th & 28th, Radisson Blu Aqua Hotel, Chicago.
About Razorthink Inc.
Razorthink Inc. is a leading Enterprise AI Systems Development company that powers organizations with Deep Learning intelligent systems to drive superior decisions, highly efficient processes and ideal outcomes. The company’s flagship product, Razorthink BigBrain, enables the rapid creation of Expert AIs that solve data analysis challenges impossible using traditional analytics. Razorthink BigBrain can generate Expert AIs in the areas of customer predictions and recommended actions, intelligent process automation, fraud detection, risk management and AI-assisted customer service. Razorthink is privately held with headquarters in the San Francisco Bay Area and a Development Lab in Bangalore, India. For more information, visit www.razorthink.com and follow @razorthinkInc.
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Barbara Reichert, VP Marketing