AI / ML Applications and Use Cases in Insurance Industry
Gestalt’s Insurance solutions, described below, have been developed in close association with various clients. These solutions have relied heavily on using NLP, advanced Anomaly detection and Transparent Machine learning capabilities of EazyML.
Inflation Forecast for Asset & Investment Management
For insurance companies, inflation plays a key role in determining the mix of investment vehicles, to help invest in various liquid assets. We have built models to forecast inflation – trend upwards, stay flat, or dip downwards. The existing data feeds sometimes are limited or misleading. EazyML’s LSTM with the lag information about how long before parameters impact inflation, forecasts the trending – a useful way to see if the forecast for data feeds line up with the internal forecast. Best of all, EazyML’s Transparency – Explainable AI, in particular – makes the model transparent, vitally important for the investment professionals and analysts to understand the projected inflation behavior and gain confidence in it.
Automation in Approval & Onboarding
Are there multiple forms for insurance, the brokers? Do they require NLP to extract data elements – like, name and address that are expressed in different ways? Does this cause errors with data entry and mismatch, increasing time to process applications? EazyML’s NLP helps digitizes the insurance process: takes in data from several sources (fax via OCR, digital documents from email), extracts relevant content, normalizes the textual information, enters it into the downstream system to begin processing, helps underwriters with decision AI for approval – reducing the time to process from 3-8 days to a day.