Slice Labs said it has started marketing four new services centered around artificial intelligence and machine learning that are designed to more proactively and intelligently protect carriers, businesses and consumers from risk.
Each of the services comes from Slice Mind, a new business unit the New York-based InsurTech launched in March 2019, designed to help predict insurance risks and make recommendations. A spokesperson explained that this is Slice’s first public marketing of its Slice Mind Services since the unit’s launch. Slice’s main product is an on-demand insurance cloud platform.
The new services are available by subscription and can be used individually or combined for optimal management of insurance customer needs, Slice said. The Slice Mind services are also available to any company outside of traditional insurers seeking to better understand customer risk.
Stuart Baserman, Slice’s co-founder and chief technology officer, said that the new launches follow Slice’s continued strategy of “demystifying hype around the potential” for artificial intelligence, machine learning, and “analytics in on-demand insurance.”
Baserman added in prepared remarks that the new services enable advances such as expertise “available within minutes compared to having to build an internal team of machine learning specialists and data scientists.”
Here are the four new services:
- Industry Prediction. Slice bills this as the first commercialized approach in the insurance industry using data driven technology for insurers to classify client business activity that is the foundation for evaluating potential risk. The business context service provides classification based on a website, keywords, or a single sentence. The service can classify businesses working across multiple industries, which permits precise definition of complex business risk for insurance, Slice said.
- Cyber Risk Modeling. Slice said this 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, according to the company.
- Geographic Scoring. This is designed tohelp 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.
- Claims Fraud Prevention. This service 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.
According to Slice, 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.
Source: Slice Labs