This case study gives an overview on the AI-based product (or the machine learning application if you prefer) that we built for the insurance SparkassenVersicherung (SV) to accelerate its “Complex Biometric Risk Assessment Process”.
- Data science strategy
- Data architecture
- Stack & Roadmap
- Machine Learning (ML)
- Insurance
- Intelligent Automation
Key Challenges
Our client offers disability insurance (for people who are no longer able to work) and term life insurance. They receive many applications via detailed questionnaires filled out by applicants.
The initial process was time consuming and some of the applications were not conform (and therefore required special attention).
Our client was looking to:
- Improve the speed and the efficiency of the application process
- Increase the processing rate of all applications
- Be supported from the ideation to the implementation of the process
Our Approach
To meet our client’s expectations, we took the time to understand the current application process and data processed in order to propose the best data-driven and automated solution to implement.
We therefore built an interdisciplinary team with members from risk assessment department, IT and data lab. Together we agreed to automate the process via a machine learning model capable of performing complex automations based on the assessment of biometric risks (information that was received in the applications).
We increased the maturity in a cyclic and agile way from a first conception, via a successful piloting phase to a final deployment and integration of the process into the existing architecture and processes via web services. The development of the models was carefully done, for example by performing regular human checks on random samples, so that the final process can pass the compliance audits that insurance companies are subject to.
Benefits
- Great reduction of time-consuming application processing
- Increased customer satisfaction through a faster processing
- Successful realtime deployment for each life insurance application and full transparency with the applicants
- Smooth change management while interlacing existing processes with new AI-based solution
- Audit-proof operationalization of machine learning models
Technologies & Partners
Team involved
A Project Manager & a Data Scientist collaborated with the insurance expert for 18 months to build this AI-based Application.
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