Case Study - Insurance

How AlgoLib works with a UK InsurTech company use AI to design new insurance products

AlgoLib provided a set of quantitative solutions and accompanying services for an innovative UK InsureTech company. The company intended to launch a new InsureTech product, the first of its kind in the UK. By employing sophisticated machine learning techniques and analysing historical market data they aim to generate more suitable contracts for their clients.

The client approached us with a description of the desired product and corresponding specifications. After a quick one-month preparation step, AlgoLib’s quantitative solutions team finished the prototypes within just two months by creating algorithms from AndromedaTM ESG and Recurrent Neural Networks. C++ powered applications with documentations were also provided at this stage.

After several exchanges between teams on both sides, the client agreed on the final version of the prototype during the fourth-month of the project. AlgoLib delivered the R&D results with full source code in Matlab and C++. A tech report and white paper fully describing the algorithms was delivered, with the agreed intellectual property transferred and indepently verified.

At the second stage of our collaboration, the client contracted AlgoLib to create an online application to realise all the functionality that AlgoLib had developed in the R&D stage. The web application uses AlgoLib’s cloud computing units to provide real- time insurance quotes to the client and analyses insurance portfolio risk using data visualisation and machine learning algorithms. The project took six months to finish and the final deliverables are a fully functional business intelligence platform tailored for this insurance company to sell, manage, monitor and analyse all newly underwritten products.

The client is highly satisfied with the product that we created and is interested to work with AlgoLib on upgrades to the platform when more data becomes available.