The likelihood potential customers qualify or lapse at the online application stage is difficult for life insurers to predict. If insurers improve their placement ratio it would have a significant impact on profitability and internal resources. Using AI, machine learning and analytics can provide potential policyholders with a better match based on “peers like you” and will improve insurers’ profitability and customer satisfaction.
The joint solution provided by Sapiens and Atidot combines real-time AI, machine learning, and analytics capabilities with Sapiens ApplicationPro, a web-based insurance application software. The solution enables insurers to better predict their placement ratio, understand their customers profile, and recommend better policies based on ‘lookalike’ strategy. Companies can gain insights into their customer base and see the bottom-line impact of their product and marketing strategy.