Inspiration
Today Insurance companies do not have intelligent algorithm to derive the risk analysis of a driver thus offer flat premium based on the generic industry guidelines such as car age, declared value etc. This creates the following challenges: - a. A safe and responsible driver has to bear same premium compared with an unsafe and rash driver if both has no past claim record. b. A safe and responsible driver always look out for better premium offers from competitors at the end of the current policy tenure. c. Insurance companies settle hefty claims because of the accidents due to rash driving but unable to recover the premium from the customer accordingly.
What it does
The platform generates a risk score of the driver based on driving patterns and derive the premium based on the driving records.
How we built it
Pega Next best Offer is an AI driven technology to offer the right proposition at right time and right context. Pega has capability to use Google OCR to extract information from images such as license plate, driving license copy or RC card. Using Pega CDH platform Adaptive and Predictive analytical capabilities to generate a scorecard-based model with the help of various predictors. Pega Insurance Foundation frameworks which provides complete data model. Pega Underwriting framework for insurance which is leveraged for complete underwriting process.
Challenges we ran into
Integrate with U+ Insurance portal Predictive models for generating Risk Score
Accomplishments that we're proud of
Google Cloud Vision API Integration Risk Core Generation based on driver profile and Claims history
What we learned
Real Time Container Integration in U+ Insurance Portal Google Vision API Integration Predictive analytics using score-based model
What's next for Smart Insurance Platform - Auto
Train the Models to get accurate predictions Scratches and Dents Image analysis OCR for PDF Quotation for other regions such as APAC and EU
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