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Practical AI for InsuranceTransformation

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PwC and Rulex, a pioneer of Explainable artificial intelligence tool that has been defined by the M.I.T. of Boston as one of the 10 recent most disruptive technologies, started their collaboration to shorten the insurer’s path to digital transformation with a new approach to augmenting and automating operational decisions across the business and now they are extending this collaboration to new areas.

Combining Rulex’s unique, proprietary AI technology with PwC’s deep business expertise, insurers of all types now have a powerful new way to improve their processes, to reduce cost and risk, to increase productivity and customer satisfaction, and introduce innovative new products and services.

Unlike conventional AI, which uses complex mathematics to make unexplainable “black box”, decisions, Rulex AI automatically produces fully explainable logical rules for business decisions, and it can also automatically leverage the insurer’s investment in existing expert decision rules.

Automatically produce accurate business rules

Discover new rules from historic business data

Capture, measure, and optimize expert human rules

Add existing human rules to the Rulex Insurance AI

Increase productivity of expert decision workers

Automate low-value decision workloads

Increase accuracy of junior decision workers

Rules provide expert decision guidance

Assure GDPR compliance for explainable decisions

Rulex is the only Article 22 compliant AI

Using Rulex’s intuitive drag-and-drop software, existing business, process, and data experts can easily create and maintain Rulex AI decision processes, with no need for skills in data science, mathematics, statistics, or programming. Rulex simplifies data preparation,

automates predictive modeling, and enables the easy integration of Rulex AI with existing business applications and processes.Due to its ease of use and high degree of automation, Rulex AI provides the shortest time to business value, typically enabling insurers to go from PoC to Pilot to Production in just a few months. And in production applications, Rulex AI can rapidly process enormous volumes of Big Data for near real-time in-workflow predictive decisions, adding no latency or delays in the regular execution of daily business processes.Rulex is a General AI platform that is equally suitable and capable for applications from the core of the enterprise to the edge of the network, and across all lines of business. With Rulex all insurers can transform operational decisions in Marketing, Risk, Compliance, Underwriting, and other fundamental business processes.

And Rulex’s unique rules-based prediction can go where no other machine learning algorithms can go. Math-based AI is compute-intensive, requiring a network communication round-trip for every prediction. By contrast, Rulex’s rule-based AI is extremely efficient and can be used directly on small devices at the edge of the network, like branch office systems, field personnel laptops, and even customers’ mobile devices.

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Anti-Fraud developed with GFT: Rulex is one of the corecomponents of a very complete anti frauds suite

Predict, explain, investigate, and prevent claims frauds in real time.

• Determine type of fraud: Individual, Organized, 3rd Party.• Define the probability of frauds and suggest questions to understand the real situation and to prevent the fraud.• Combine human and automatic rules to guide investigation.• Find and eliminate false positives in suspected frauds.• Simplify and accelerate investigation and resolution processes.• Gain knowledge needed to remedy fraud vulnerabilities.

Anti-Churn

Anticipate and prevent customer attrition with proactive sales action.

• Predict near and long-term customer attritions.• Discover and rank specific reasons for each churn.• Discover best actions to take to prevent churns.• Use non-churn rules to guide best practices for churn avoidance.

Product Recommendation

Select best product for customer, and best customer for product.

• Deliver real-time assistance to customer product exploration.• Discover best customer segments for new product campaigns.

Up-Sell and Cross-Sell

Identify and act upon opportunities to increase per-customer revenue.

• Discover additive sales potentials for individuals and groups.• Use rules to improve effectiveness of chatbot and agent scripts.• Predict performance of account upgrade promotions.• Micro-target individual customers for high value upgrades.

Robotic Data Correction

Automatically detect, audit, and correct forms data input errors.

• Prevent processing delays caused by erroneous customer inputs.• Catch and correct errors created by new and under-skilled workers.• Correct thousands of errors per day in minutes.• Reduce input auditing overhead by orders of magnitude.• Use rules to improve form, UI, and business process designs.

GDPR-Compliant Automated Decisions

Eliminate hidden biases and provide compliant decision explanations.

• Use rules to explain application, claim, and cancellation decisions.• Automate response to subject requests for decision explanations.• Eliminate restricted personal information from decision rules.

Telematics for motor

Perform predictive rating based on car use, driver behavior, and mileage.

• Perform real-time predictions with no persistent server connection.• Predict using traffic, weather, location, and driver action and history.• Automate warning policy holders about risky covered driver behavior.• Discover and address hidden patterns indicating high risk drivers.

Stefano BellandiPartner

stefano.s.bellandi@pwc.com+39 348 8622 240

© 2019 PricewaterhouseCoopers Advisory SpA. All rights reserved. PwC and PricewaterhouseCoopers Advisory SpA refer to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.

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