(IDEX Online) - Jewelers Mutual is using artificial intelligence (AI) to deliver improved customer experiences, prevent losses and provide better protection and policies for both jewelers and customers.
The company has turned to AI and machine learning (ML) company H2O.ai and its H20 Driverless AI to build machine learning models for predicting customer lifetime value and prevent high severity losses and suspicious claims.
"H2O Driverless AI provides an easy on-ramp to operationalize and explain its machine learning models, increasing the productivity of its data science teams," explained Sri Ambati, founder and CEO of H2O.ai.
Andrew Langsner, senior manager, Embedded Analytics at Jewelers Mutual, said that while the company has been experimenting with AI and machine learning for two years, the initial platform it was using lacked transparency and explainability.
Since working with the H2O.ai platforms, Jewelers Mutual has built unique models and recalibrate its rating systems based on the additional customer data generated, making its insurance rates more competitive.
In addition to its underwriting, customer experience and claims use cases, the company is also applying analytics to identify ways to improve security, particularly for commercial customers.
For example, during the recent California wildfires and power outages, the team could identify customers who would need additional physical security personnel to protect their inventory.