Slice Announces Four Slice Mind Services
Leading insurance influencer indicates Slice services mark new era of customer insights and risk management.
- Industry Prediction 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 is 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.
- Geographic Scoring 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 is 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
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
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.
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