Slice Labs launches four new AI-powered services for insurers

On-demand insurance platform Slice Labs has launched four new AI-powered Slice Mind services enabling insurers to more proactively and intelligently protect carriers, businesses, and consumers from risk.

Industry Prediction uses data-driven technology to enable insurers to classify client business activity that serves as the foundation for evaluating potential risk. The business context service provides classification based on a website, keywords, or a single sentence.

The offering can return NAICS or SIC codes, and can be custom-trained on internal classification systems.

Additionally, the service can classify businesses working across multiple industries, which permits precise definition of complex business risk for insurance.

Cyber Risk Modeling is a comprehensive cyber risk service that provides actionable recommendations on ways to reduce exposures and improve cyber posture for businesses in real-time. Insurers can leverage these insights to introduce gamification into client relationships with progression, accomplishment, and recognition for improved cyber risk management.

Geographic Scoring helps insurers make ongoing pricing, underwriting, and claim settlement decisions with continuous adjustments using data based on geographic distribution of risk. The service facilitates evidence-based decision-making and up-to-date insights into geographic risks and environmental hazards. This is especially valuable for managing risks in regions prone to natural disasters, fires, and flooding.

Claims Fraud Prevention is a service that monitors insurance customer claims behavior using machine learning models to uncover potentially fraudulent activity. The offering continually learns and adapts to customer behaviour and industry trends to protect insurers.

Insights gleaned from the Slice Mind services can serve as the foundation for new on-demand insurance products on the Slice Insurance Cloud Services (ICS) platform that carriers can create to help customers avoid risk and celebrate good behavior.

“Slice is committed to demystifying hype around the potential for AI, ML, and analytics in on-demand insurance,” said Stuart Baserman, Slice chief technology officer and co-founder. “Our data science experts have the acumen and confidence on how to effectively connect data with the real-world use cases so insurers have clarity on how to leverage AI and data in meaningful ways. A major value-add of these new services for insurers is that our expertise are available within minutes compared to having to build an internal team of machine learning specialists and data scientists.”