Ventiv brings AI power to risk managers

Software solutions firm Ventiv Technology has rolled out a new platform for risk managers that uses data science and artificial intelligence (AI) to help them predict losses and claims.

Ventiv said its data science solution can be used by risk managers of varying experience to input, model and use their own or third-party data to generate AI-powered predictions for claims development.

But Ventiv said data science techniques can be used for a range of needs, from very basic assessment to sophisticated models and analysis. Risk managers can use the solution to generate claims scoring and predict claims severity, as well benchmark against peers.

Kristi McFarlin, vice-president of analytics at Ventiv, said using data science could help risk managers with insurance premiums: “Against the backdrop of a rapidly hardening market, it is vital that risk managers can present a clear and accurate picture of their business risk in order to get the best price for their coverage from providers.

“We know that better use of data and the latest advanced analytics techniques can help them to achieve that, but for many businesses there is a perception that these data science techniques are difficult to understand, expensive, complex to use and therefore hard to persuade company leadership to invest in,” she added.

Ms McFarlin said Ventiv’s new data science solution has been specifically designed to make AI easy for anyone to use, no matter where they are on their AI journey.

“The solution offers simple data integration from multiple sources and, depending on level of experience and knowledge, users can either use our built-in risk models or develop their own. They can then use these models to predict the ultimate cost of each claim or run a range of advanced simulations to develop insight-led data predictions that will allow them to better understand the risk they’re presenting to their broker or provider,” she explained.