Digital Insurance Agenda

A4Insurance: Underwriters’ decision-making automation that instantly increases efficiency

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on Jul 30, 2020

Analytics for everyone is what A4E stands for. A4Everyone was established to bring the benefits of big data and its analysis to a wider spectrum of businesses by creating affordable solutions that boost performance instantly. By creating Artificial Intelligence as a Service (AlaaS) and Automation as a Service (AaaS) solutions provided via a proprietary analytical platform, A4Everyone is delivering improved efficiency for clients within wholesale, retail, nonbank financial and insurance sectors.

A4Insurance is a solution by A4Everyone, able to determine if a health insurance contract offer is going to be profitable for the insurer. This way the solution makes significantly easier the work of the underwriters thus increase their capacity and productivity. Instead of performing complex and time-consuming calculations for every health insurance offer, the underwriters focus on just a fraction of the pile.

This way, one of its users, Bulstrad Life, a Vienna Insurance Group company, has already achieved 60% automation. This is the share of the insurance offers successfully processed without underwriters` additional working hours. Probably the biggest benefit is that 40% of the offers get a green light from the automation process and can directly go for sign-off. This is turning the sales team into overachiever due to the shortened sales cycle. All this is done by using proprietary AI and ML technology that analyze the past data constantly and automatically evaluates the new offers flow.

How it works

By utilizing existing data, A4Insurance relies on specific risk/profitability analytical model accounting health insurance offer details like but not limited to GWP, options included, coverage limitations, brokerage discount, administrative costs, number of insured people, distribution by age, sex, presence of family members, etc.

Applying the risk/profitability model to a particular health insurance offer is yielding a result that commonly falls into three categories:

  • The green category: represents offers with high profitability assessment.
  • The red category: flags offers in the opposite end with high potential of loses.
  • The gray one:  is where undefined offers are classified, which is meaning they need further work of underwriters.

​The solution is provided as a service and is integrated within the insurance company ERP system.

Why we selected A4Everyone for DIA Amsterdam
The A4Insurance solution is a perfect fit for the Data-Driven services trend. By automating the work of underwriters to a significant degree, A4Insurance is speeding-up the sales acquiring immediately the top clients on the market and also creating savings for precious recourses and is bringing the benefits of such digitalization effort conveniently and effectively. A4Insurnace is automating the work of underwriters at a fraction of their cost via automation and AI-powered analytical models.

At DIA Amsterdam Hristo Hadjitchonev, CEO & co-founder of A4Everyone will present the A4Insurance solution.

Who is A4Everyone?
Well-seasoned data analytics experts established the company back in 2016. Hristo Hadjitchonev (CEO), Assoc. Prof. Alexander Efremov (Chief Scientist), Nikolay Nikolov (Chief Ops) and Dimitar Atanasov (Solution Architect) are the co-founders of the Bulgarian startup A4Everyone. They have 75 years + combined experience in data analytics and data science. Up to this moment, A4Everyone attracted €1.5M investment from Eleven Ventures, Impetus Capital and some private investors. The startup company made its first steps on the Bulgarian market attracting clients like Coca-Cola, Telenor, Credissimo, Bulstrad Life Insurance, Sport Depot as well as Nedelya, the biggest chain of patisseries on the local market. In 2020, A4Everyone is planning to triple its team as well as to focus on DACH market expansion.

”Data Analytics should be for everyone. This is why we named our company A4E.” Hristo Hadjitchonev, CEO & co-founder

  

Check out their live demo here:
https://www.digitalinsuranceagenda.com/dia-tv/video/proprietary-analytical-risk-profitability-model-for-health-and-life-insurers/

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