Lumnion provides an AI-driven pricing platform for the Non-Life and Health Insurance sectors, automating data preparation and risk modeling using machine learning algorithms like XGBoost and GLM. This solution enhances pricing accuracy and transparency while integrating internal and external data to improve insurers' risk assessment and loss ratios.
Funding
$1.2M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
OVVKFounders
Product
Problem
In the non-life and health insurance sectors, preparing data for risk modeling and pricing is often a manual, time-consuming process. Traditional pricing models may lack the accuracy and transparency needed to effectively assess risk and optimize pricing strategies, potentially leading to inaccurate premiums and reduced profitability.
Solution
Lumnion offers an AI-driven pricing platform designed to automate data preparation and enhance risk modeling for non-life and health insurers. The platform leverages machine learning algorithms, including XGBoost and GLM, to improve pricing accuracy and transparency. By integrating both internal and external data sources, Lumnion provides a comprehensive view of risk, enabling insurers to optimize their pricing strategies, improve loss ratios, and gain a competitive edge. The platform's modular design allows for end-to-end automation of the pricing process, from data preparation to rate engine implementation.
Target Audience
Lumnion primarily targets non-life and health insurance companies seeking to improve pricing accuracy, automate data preparation, and enhance risk modeling through the use of AI and machine learning.
Features
- Automated data preparation for modeling, reducing manual effort and improving data quality.
- Support for various machine learning algorithms, including XGBoost, Random Forest, Decision Tree, GLM, and GAM.
- Transparent ML algorithm outcomes that can be converted into base prices and coefficients.
- Seamless integration with core insurance systems through APIs and cloud-enabled capabilities.
- Enrichment of internal data with external data sources for a 360-degree customer view.
- Geographical visualization of simulation results for easy-to-understand insights.
- Integrated rule/rating engine for efficient pricing management.
- Audit-traceable reporting and monitoring capabilities.