Slice Labs, the first on-demand insurance platform, announced four new AI-powered Slice Mind services enabling insurers to more proactively and intelligently protect carriers, businesses, and consumers from risk.
It represents the first commercialized approach in the insurance industry using data driven technology to enable insurers to classify client business activity that serves as the foundation for evaluating potential risk.
The business context service provides classification based on a website, keywords, or a single sentence. The offering can return NAICS or SIC codes, and can be custom-trained on internal classification systems.
Additionally, the service can classify businesses working across multiple industries, which permits precise definition of complex business risk for insurance. This tool is available on Slice’s website for anyone curious to see it in action.
Cyber risk modeling
It’s a comprehensive cyber risk service that provides actionable recommendations on ways to reduce exposures and improve cyber posture for businesses in real-time. Insurers can leverage these insights to introduce gamification into client relationships with progression, accomplishment, and recognition for improved cyber risk management.
It helps insurers make ongoing pricing, underwriting, and claim settlement decisions with continuous adjustments using data based on geographic distribution of risk.
The service facilitates evidence-based decision-making and up-to-date insights into geographic risks and environmental hazards. This is especially valuable for managing risks in regions prone to natural disasters, fires, and flooding.
Claims fraud prevention
It’s a service that monitors insurance customer claims behavior using sophisticated machine learning models to uncover potentially fraudulent activity. The offering continually learns and adapts to customer behavior and industry trends to protect insurers.
Insights gleaned from the Slice Mind services can serve as the foundation for new on-demand insurance products on the Slice Insurance Cloud Services (ICS) platform that carriers can create to help customers avoid risk and celebrate good behavior.
“Slice is committed to demystifying hype around the potential for AI, ML, and analytics in on-demand insurance,” said Stuart Baserman, Chief Technology Officer and Co-founder.
“Our data science experts have the acumen and confidence on how to effectively connect data with the real-world use cases so insurers have clarity on how to leverage AI and data in meaningful ways.
“A major value-add of these new services for insurers is that our expertise is available within minutes compared to having to build an internal team of machine learning specialists and data scientists.”
The new services are available by subscription and can be used individually or combined for optimal management of insurance customer needs.
“The innovation present in these services represents a major shift in how insurers should think about managing customer relationships and risk,” said bestselling author Rob Galbraith of The End of Insurance As We Know It.
“The Slice Mind services are a step in the right direction for the industry in correcting three issues of expense, complexity, and inconvenience that has plagued our industry for too long.”
The Slice Mind services are also available to any company outside of traditional insurers that are seeking to better understand customer risk. Additionally, products built in Slice ICS have consistently been created within a few months of a hackathon.