Insurtech company Atidot has launched the Life Insurance Data Cloud, a predictive analytics platform designed to produce actionable insights and improve operational intelligence for insurance companies.
The platform offers big data modeling and decision-making tools to allow senior life insurance agents to improve their decision making. It is meant to replace legacy systems and reduce data cleansing by securely loading customer data, and automatically cleansing and sorting it.
“Our goal is to build a platform so life insurers can leverage their data and become data-driven organizations. We use AI and machine learning to help our customers gain actionable business insights,” said Dror Katzav, CEO.
As an example, he said, “the system can create profile groupings of policyholders by analyzing an unlimited number of categories such as their age, occupation, gender, payment method, average salary for their geographic location and more. This profiling gives the client an insight into the predicted behavior of their policyholders and the client can then adjust their strategy accordingly, whether this is upselling to more receptive clients or client retention efforts to those deemed at risk of lapsing.”
The company stated that their new platform can load and analyze one million policies in less than an hour. Data can be loaded on site or in the cloud, and it is designed to easily adapt to new situations. The company also assures users that their data will be secure and protected from cyber-attacks.