Qorus Innovation in Insurance Awards 2024

Master Actuary: AI For Actuaries

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22/02/2024 Insurance Innovation

About

Master Actuary, the first AI-certified pricing software! It assesses risk by the minute, promotes eco-friendly driving by steering away from congested roads, it detects new trends in turnover or profitablity allowing a proactive portfolio monitoring

Innovation presentation

A new green pricing era ? : Master Actuary is so powerful that it can assess driver risk based on the specific HOUR, MINUTES of the day. This capability enables insurers to distinguish between a driver navigating a congested and heavily polluted road in Paris at 8:30 am and the same driver on the same road and the same day at 10.15 am when it is less crowded and consequently less polluted. Recognizing that congested roads heighten the risk of accidents, Master Actuary empowers insurers to incentivize drivers to opt for greener and safer periods by offering reduced premiums for those choosing less crowded times. This approach aligns with both environmental conservation and risk mitigation strategies, creating a win-win situation for insurers and policyholders. To efficiently manage the vast volume of data, the Master Actuary harnesses the power of NVidia GPUs to parallelize computations.

Performance Guarantee: Master Actuary stands out as the first pricing software openly AI-certified, providing insurers with a GUARANTEE that their models, under some specific assumptions and constraints, are as performant as an AI model. Traditionally, we've been aware that models often rely heavily on the expertise of the actuary responsible for the modeling. With Master Actuary, this dependency is highly reduced.

Introducing a revolutionary portfolio monitoring concept: Unlike traditional methods reliant on manual dashboard scrutiny, Master Actuary pioneers a blend of reporting and data-mining. Leveraging powerful algorithms, our system conducts a monthly analysis of insurers' datasets. It identifies segments exhibiting abnormal slowdowns in new business or turnover, as well as significant increases in the loss ratio. This proactive approach empowers insurers to swiftly adapt their strategies, products, and pricing for optimal responsiveness and performance !

Semi-Interpretable Models: While it remains crucial for insurers to comprehend their models and the variables at play, the intricacies of the numerous sensors embedded in modern vehicles make a full understanding challenging. Insurers seek clarity on conventional factors like the driver's age and its impact on pricing, yet they acknowledge the existence of non-interpretable effects arising from the myriad sensors. Master Actuary adeptly handles this complexity by seamlessly incorporating both interpretable variables, like traditional factors, and non-interpretable variables, including intricate interactions that may not be fully understood.

Constructing geographic rates has traditionally posed significant challenges. However, with Master Actuary, this task is effortlessly completed within seconds, courtesy of the accelerated processing capabilities of GPU cards. Actuaries can now build premiums at a pace never experienced before !

Master Actuary provides easy-to-install software, similar to any other Windows application, with an installation time ranging from 5 to 10 minutes. Master Actuary is the cheapest solution on the market, with price ranging from $1'000 to $5'000: reducing the prices in the market by a factor of 10 to 100!

Uniqueness of the project

Master Actuary is the sole software offering time-specific environmentally conscious pricing. It efficiently handles such large datasets with GPU-powered parallelized computations.

Master Actuary stands out as the exclusive actuarial software that seamlessly integrates both reporting through dashboards and advanced data mining capabilities to detect new trends.

Master Actuary is the sole software building geographic rates at an incredible pace and effortlessly !

Priced between $1,000 and $5,000 per license, it is by far the cheapest solution on the pricing market !

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