Join us for a webcast presented by Earnix and AFSA, as we discuss the reasons for auto lenders to adopt risk-based pricing powered by advanced analytics and the urgency driving this transition.

The insurance industry was built on managing risk, but today’s increasing pace of change in the marketplace requires product and pricing agility. Flexibility will allow insurers to respond to increases in claims costs, prototype new usage-based products, and prepare for new products on the horizon. Achieving this in a way that meets regulatory requirements necessitates new capabilities.

The Multi-Armed Bandits problem is a classic reinforcement learning problem that demonstrates the exploration–exploitation tradeoff dilemma. To correctly estimate the causal effect of price changes or different financial product bundle offers on consumers’ purchasing decisions, the standard methodology is to perform a randomized controlled trial (RCT). However, RCTs could be expensive, and financial institutions are often reluctant to conduct them for the required period of time.

Today, carriers are under increasing pressure to fully personalize their products and dynamically deliver them to their customers. Fueled by consumer demand, Usage-Based Insurance is one of many trends in personalization poised to make the leap from niche to mainstream. But historically, insurers have struggled to find success creating bespoke offerings profitably and at scale.

Gain a deeper understanding of what Product Personalization is, its value, and what data is most critical to fully automate in the Product Personalization process.

Join Paul Davies, Head of Data Science for D&G as he discusses the journey from adopting cloud technologies, adding AI, to delivering the right product, at the right price, at the right time.