Ventiv introduces AI and predictive analytics functionality

Ventiv Technology has announced the launch of the Ventiv Data Science Solution purpose-built platform integrating AI and predictive analytics.

The new tool has been designed to help risk managers better understand their risk portfolio by making it easy to input, model and use their own and third-party data to proactively predict claim development.

Data science techniques can be deployed for modelling and analysis from the very basic to the most sophisticated, with no additional training, using AI and machine learning to perform such data modelling processes as claims scoring and full Monte Carlo simulations.

The new solution also allows users to quickly discover insights, identify patterns and generate risk predictions based on a huge range of data sources and benchmark their data against that of their peers.

Kristi McFarlin (pictured), vice-president of analytics at Ventiv commented: “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.

“Our new data science solution has been specifically designed to make AI easy for anyone, 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.”

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