Broker to bolster predictive capabilities through new partnership

Broker Oakland Insurance has teamed up with Machine Learning Programs (MLP) to implement its predictive artificial intelligence (AI) enrichment model.

Called MLP Score, the solution is aimed at the motor market and is designed to give insurers, managing general agents (MGAs) and delegated authority underwriters the ability to predict an insurance risk’s propensity to claim within the next 12 months.

The service then returns a score on a risk-by-risk basis via its pre-trained production model that is constantly retrained with the latest market data. 

Oakland Insurance is implementing the model to bolster its capabilities as it continues to offer insurance across a range of sectors, including vehicle and travel.

Paul Matthews, chief executive Oakland Insurance, said: ”We are delighted to be partnering with MLP. A deciding factor for us proved to be the retro facility the MLP team offered us initially. It involved conducting a retrospective analysis against two-years of our historic data and known outcomes and running it through the MLP Score model.

“This process demonstrated to us firsthand how it could improve our loss ratios and ultimately translate into a significant cost saving on claims for the business.

“There is no doubt that the additional enrichment and insight will be crucial for us moving forward, so we can continue to price fairly, accurately and profitably.”

MLP

Since MLP was founded in 2018, it has created, built and launched a series of price, claim and fraud models.

MLP Score is the most recent addition to MLP’s portfolio, which is part of the Open GI Group.

Damian Baxter, chief executive of MLP, said: “There has been a definite acceleration in the awareness of AI and machine learning across the wider GI industry, but the way companies embrace the role each play is still in its infancy, so it’s been fantastic to see how quickly Oakland have gone from the initial retro in November to penning the deal in January to go-live five days later.

“This is a real testament to not only the Oakland team’s forward-thinking approach, but the sophisticated functionality and versatility of Open GI’s technology platforms and the un-matched quality of our data science. We’re off to a great start and I can’t wait to see this partnership go from strength to strength.”