Beating risk with machine learning
The insurer will be able to use BEAT to automatically review more than two million customer interactions recorded over 8 years in a time efficient and consistent manner, thus providing upfront insight to inform the review.
By passing customer interactions through BEAT's segmentation engine a risk rating is automatically applied to each file in line with the firm's Past Business Review methodology, providing an upfront distribution of potential redress volumes.
The rapid implementation by Deloitte and agile methodology allowed BEAT to be fine-tuned during roll-out which ensured outcomes were continuously improved and aligned to changing methodology.
The increased levels of automation has enabled the organization to identify and realize additional efficiencies that would have been impossible through a traditional manual approach.