United StatesFinance and insurance2024 – ongoingAXA XL
Machine-learning underwriting pipeline management
AXA XL used machine learning to identify accounts for its underwriting pipeline
Problem
Broad descriptions of AXA XL's underwriting appetite left brokers to work out which accounts might fit. Underwriters wanted to identify specific prospects from the insurer's historical data.
Approach
AXA XL created a pipeline-management tool using predictive relationships in its insurance data. Executives said it identified suitable accounts and opportunities to offer additional insurance lines to existing clients. Underwriting leaders described the tool as operational across multiple lines of business.
Results
No published figures
Takeaway
The tool gave brokers account-specific indications of interest. AXA XL did not disclose a numerical change in conversion rates.
Categories
- Size
- Large enterprise
- Industry
- Finance and insurance
- Business function
- Marketing and salesFinance, risk and legal
- Innovation type
- Process innovation
- AI technology
- Predictive analytics and ML
- Adoption
- Built in-house
- Evidence
- Company's own claim
Sources
Source summaries
AXA XL executives described using machine learning to select accounts for the underwriting pipeline and identify opportunities across insurance lines. They attributed business benefits to the tool without giving a numerical conversion-rate result.
Full details are in the original sources.