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SilverBridge launches AI division
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I
n a move designed to enhance decision-
making and provide its clients with
an innovative way of embracing the
latest technology innovations, SilverBridge,
a provider of insurance software solutions
for the African financial services industry,
has launched its Artificial Intelligence (AI)
division focusing on Merlynn’s Tacit Object
Modeller (TOM).
“Given the amount of data available to
insurers, it has become increasingly important
to leverage it with meaningful insights and
make more accurate predictions on everything
from client risk to policy enhancements,” said
Johan Reyneke, Research and Development
Executive at SilverBridge.
“Decision-making in the Machine Learning
space is largely a rules-based process and
does not take intuition into account. TOM
changes this.” innovation enabled by TOM to complement
it and give its customers the ability to make
humanised decisions which is explainable,”
added Reyneke.
Essentially, TOM learns from human experts
and not from data. It then applies the subject
matter expertise based on the person’s
experience to make decisions. This experience
includes rules but also accounts for the ‘gut
feeling’ or humanised decisions. From this,
SilverBridge can introduce a virtual expert
that aids customers with the decision-making
process which can complement data analytics. “Unlike more traditional AI tools, TOM
empowers an insurer to provide its customers
feedback on why certain decisions were
made around their policy. This can range
from how premiums are determined to the
outcome of a claim’s decision.”
“SilverBridge does not want to replace the
role of data analytics in AI but use the
TOM can be used to screen all short-term
policies on renewal with the intention to
reassess the risk associated to the policy
or to identify the opportunities for cross
or up-selling in real-time. Traditionally,
insurers do not reassess all policies on their
anniversary. Rather, a selected few flagged
as risky because the insurer cannot afford
the human resources required to handle the
sheer volume of policies to be assessed.
“So, not only do the risks need to be
managed better, but also the opportunities
that potentially exist must be capitalised on,”
explained Reyneke.
“TOM essentially virtualises the underwriter
daily to enable the insurer to understand
each of its policies better. In turn, this allows
either upselling to take place or policy
restructurings to be done more effectively.”
The SilverBridge AI division will therefore
provide customers with more agile ways to
enhance AI and Machine Learning in their
organisations and capitalise on trends to
make decisions faster.
“This intuition-based approach has the
potential to fundamentally change not
only insurance, but any industry that has
been desperate to take AI to the next
level,” said Reyneke. n
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