Ageas x B2Metric Success Story
Ageas is a leading private health and life insurance company. It aims to prevent uncertainty in people's lives. With its life insurance products, Ageas protects individuals and their families against unexpected risks that life may bring. It offers a wide range of funds and fund consultancy services within the scope of individual and group pension plans.
Challenge Overview
Risk Optimization
Ageas encounters difficulties in optimizing risk assessment processes for auto insurance policies. Traditional methods may not effectively capture all relevant risk factors, leading to suboptimal pricing strategies and exposure to unforeseen liabilities.
Discount Management
Managing discounts and incentives for policyholders poses a challenge for Ageas. Without robust data analytics capabilities, Ageas struggled to identify eligible customers, determine appropriate discount levels, and implement targeted promotional offers effectively.
Low Prediction Scores & Inaccuracies
Ageas experiences issues with the accuracy and reliability of prediction scores for estimating accident risk in the following year. Existing models may produce low prediction scores or inaccurate assessments because of limited data visibility, outdated algorithms, or insufficient predictive variables.
The Solution: B2Metric Accident Risk Prediction
With the machine learning-based algorithms provided by B2Metric, Ageas can significantly enhance its ability. Ageas can analyze customer behaviors and evaluate discount requests more accurately. These algorithms enable Ageas to enhance accuracy in assessing customer behaviors and discount requests.
This advanced analytics capability enables Ageas to develop more precise strategies aimed at increasing profitability and mitigating risk.
Accident Risk Prediction
B2Metric analyzes historical data, driving patterns, claim histories, and other pertinent factors. This enables Ageas to predict the likelihood of accidents for individual policyholders with a high accuracy.
Improved Risk Assessment
B2Metric's algorithms enable Ageas to conduct more granular risk assessments for auto insurance policies. By analyzing vast amounts of data and identifying patterns indicative of higher accident risk, Ageas can adjust premiums and coverage levels accordingly. This proactive risk management approach helps Ageas minimize losses associated with accidents and claims, ultimately improving overall profitability.
Precision Discount Evaluation
B2Metric's machine learning algorithms empower Ageas to evaluate discount requests from policyholders with greater accuracy. By considering various risk factors and individual customer profiles, Ageas can assess the eligibility for discounts more effectively. This ensures that Ageas offers discounts to customers based on their actual risk profiles, leading to fairer pricing structures and optimized revenue generation.
Benefits
60% Operational Efficiency Improvement
By leveraging advanced data analytics and automation tools provided by B2Metric, Ageas achieved a substantial 60% improvement in operational efficiency. Streamlining processes and reducing manual intervention, Ageas automated repetitive tasks, optimized resource allocation, and eliminated bottlenecks. This efficiency gain allowed Ageas teams to focus on higher-value tasks, enhance productivity, and drive overall business performance.
86% Model Accuracy for New Campaigns
B2Metric's solution empowered Ageas with advanced machine learning algorithms and predictive analytics, resulting in an impressive 86% accuracy rate for predicting outcomes of new marketing campaigns. By analyzing historical campaign data, customer behaviors, and market trends, Ageas accurately forecasted campaign performance and optimized targeting strategies. This high level of accuracy enabled Ageas to maximize return on investment (ROI) by allocating resources effectively and launching campaigns with confidence.
82% Model Accuracy for Loss Ratio
By implementing advanced predictive modeling techniques provided by B2Metric, Ageas achieved an outstanding 82% accuracy rate for predicting loss ratios. By analyzing historical data, underwriting practices, and risk factors, Ageas accurately assessed the likelihood of losses within insurance portfolios. This high level of accuracy enabled Ageas to proactively manage risks, optimize pricing strategies, and maintain profitability. By identifying potential areas of exposure, Ageas implemented targeted risk mitigation measures, ensuring long-term sustainability and success in the insurance market.
‘’B2Metric helps to make smarter decisions on evaluating discount request using Machine Learning algorithms. It provides technical expertise and great job in a short amount of time.’’
