One of the world’s top Enterprise AI and machine learning platforms Dataiku, has declared its partnership with the global cyber underwriting expert Envelop Risk. This partnership is to mold and lessens the cyber and another complex, vulnerable risk for insurers.
Through this partnership, Envelop Risk has combined advanced machine learning into its underwriting procedure to noticeably reduce risk and simplify day-to-day operations.
Dataiku is a platform developed for companies looking to make AI easily accessible across their organization and to bring awareness to the business through the use of data. The UK-based Envelop Risk is rooted in the idea that for ensuring economic progress, the security of information systems is critical. The firm combines quantitative methods with human expertise as well as applies an augmented intelligence approach in underwriting and information security.
Envelop Risk needed a tool that can help them to collaborate with people on data science across the corporation, who have really different backgrounds and experience. Therefore it’s important to have a system that can successfully operate as an interface between the people, allowing the exchange of ideas, feedback, and results.
The Dataiku platform has transparency, which is essential for both interpretability and for the integration of expert’s feedback to fill gaps or time lags in the Envelop Risk’s data. In addition to all this, using Dataiku’s centralized data science platform, the underwriting team is now able to quantitatively represent complex risk and get results on command as well as to have reached the reason and process of the results.
In 2017 the Envelope Risk began to work with Dataiku to help with fast prototyping of business solutions as well as to implement its shared data science platform for teams to proficiently discover, prototype, build and deliver their own data products.
Now, Envelop Risk redefined how machine learning, human expertise, can be integrated with underwriting, using an end-to-end data science platform provided by Dataiku to build a structure that allows more effective risk management by the future underwriters.
Lately, the speed and level of data science, machine learning, and AI implementation have reinvented the core processes of the insurance business, predominantly in cyber. And with the partnership, they see this sector gradually attaining its strategic goals by fully implementing and leveraging the AI.