Topdanmark, a large European insurance company, is infusing data science across its operations to provide consumers with a better, faster insurance experience. The company's model-driven workflows, built and deployed on the Domino data science platform, have automated 65 percent of cases for approving new coverage and processing claims. Customers can now learn whether they have coverage in one to two seconds versus four days, and Topdanmark experts can focus their time where their expertise is most needed. What's more, if model drift occurs once a model is in production, the Domino platform can immediately notify Topdanmark data scientists so they can take proactive action and ensure the business isn't negatively impacted.
Several years ago, executives at Topdanmark set out to dramatically change how quickly they could respond to customers—whether the decision entails accepting risk to insure a client's home or processing a claim. While the company has always worked to make policy decisions and process claims quickly, traditional decision-making processes were time-consuming and laborious. Staff had to manually pore through pages and pages of reports on a building's condition and make educated guesses as to whether the building might have hidden damage that assessors couldn't see. As a result, it could take nearly a week for customers to learn whether their claim was covered.
"We saw an opportunity to use machine learning to automate or augment decision making in real time," said Stig Pedersen, the company's head of Machine Learning.
Initially, the data science team believed they could automate between 30 and 50 percent of the company’s new policies with machine learning. The company has a market share in Denmark just below 50 percent in this product line. The team surpassed its goal using the Domino data science platform to develop and deploy model-driven workflows faster. The company now also uses Domino Model Monitor to get insights into how models are performing in real time, and to detect data and model drift once models are in production.
The model is 800 times faster than humans, so customers can learn whether they're covered in one to two seconds.
With Domino, data scientists can:
Through its model-driven workflows built on Domino, Topdanmark has dramatically improved the customer experience, while reducing costs. This includes: