Exploring the Use of AI Machine Learning in Rating and Underwriting

Have you been told that there are no bad risks, just bad rates? Some risks are better than the numbers tell us, and others are just not worth writing. Modern rating plans do a pretty good job of handling differences in driver demographics and environmental considerations, but they can fall short in accounting for today’s advanced vehicle technology. The automobile landscape is changing at a breakneck pace, but actuarial pricing relies on historical experience, and it just cannot keep up. It is more important than ever to adapt your underwriting and rating to meet these changes. We will discuss the benefits of using artificial intelligence and machine learning tools to turn complex vehicle build data into actionable insights.