TAZI AI: No-code Adaptive Machine Learning Serving Business Users
AI and/ or ML capabilities bring significant potential to transform the insurance industry, such as the timely and insightful data to support risk management decisions. Where this was initially focusing on actuarial and underwriting decisions, the maturity in the AI/ML space now enables leveraging predictive analytics across the entire insurance value chain.
To support the business in decision making, insurers made significant investments to establish Data Management capabilities. TAZI AI’s solution leverages these same datasets to further optimize business operations by continuously bringing ML-driven actionable insights.
TAZI.AI has the vision of a world in which every human uses ML to make better choices. Its solutions allow mid-sized insurers with little or no data science resources to create ML models within 40 days using its no-code SaaS ML platform, using its adaptive, explainable and responsible ML technology. Shaped by real-life experience with its customers, TAZI’s SaaS solutions keep business experts in the driver seat while empowering the data science teams. The company’s solutions are implemented with 15 customers from 3 countries.
With TAZI’s solutions, insurers enter a world of continuous learning instead of one-off batch learning processes. Its practical solutions lead to understandable actions and are easy to implement as they require no coding. With its Human in the Loop Technology both rational and emotional elements are covered.
How does it work?
For the insurance industry TAZI offers customized solutions, aimed at business growth:
- Customer Retention, providing a prioritized list of potential customers the insurer needs to reach out to before they churn. The solution creates a customized outreach strategy for each customer based on the time and channel to be used. Proven to lead to an 8% increase in retention within 3 months and 25% increase in outreach efficiency.
- Cross-Sell Prediction, to predict which customers have a high probability of purchasing another product, including a customized sales action to maximize the conversion rate. Results show a 10% increase in conversion rates and 20% increase in sales efficiency.
- Profitability Monitoring, to drill down into micro-segments and monitor the loss ratio and profitability trends. Giving insights in profitability drivers and the best action for an increase in revenue which have proven to lead to 3% revenue increases and 5% decrease in loss ratios.
Why did we select TAZI AI for DIA Munich 2022?
ML is not a buzzword; it has endless possibilities which we have just started to discover.
TAZI’s solution is an augmented ML solution that allows insurers to benefit from a more digital world. It enables the business and data scientists to collaborate in growing the business and improving the customer journey.
At DIA Munich 2022, Nolwenn Allano, TAZI Insurance Advisor and Berke Kavak, TAZI ML Solutions Expert, will share how TAZI’s Approach aims to disrupt the insurance industry with ML. They will share examples and will talk about the benefits of no-code and TAZI’s easy-to-use UI.
Who is TAZI.AI?
TAZI was founded in 2017 and is headquartered in San Francisco. Its 60+ years of experience on Machine Learning systems and software deployments starts from Caltech and MIT. Strategic partners are Microsoft and EY, Technology partners are Logosoft and BTS Group.
August 2022 the company announced the official launch of its Machine Learning (ML) solutions for insurance, healthcare and pharma, built on its SaaS ML Platform. In as little as 40 days, TAZI users will now be able to create ML models and start seeing business results. As part of the launch, TAZI.AI received a $4.6 million round of financing led by Illuminate Ventures, a seed stage Enterprise/B2B software-focused VC firm.
“We believe in Machine Learning for all”Zehra Cataltepe, CEO TAZI.AI