November 24, 2022 | Written by: Jasmina Premrl
Categorized: Data & AI
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Ablera, a Bulgarian insurtech company, partnered up with IBM and ALSO Bulgaria, an IBM Value Add Distributor, to enhance ABACUS, a solution for insurance companies powered by artificial intelligence.
ABACUS is a powerful machine learning-based (ML) solution that leverages IBM Watson Studio to bring game-changing technological innovations in redefining and optimizing insurance companies’ pricing and rating processes, highly adaptive to any legacy system and easy to integrate with any external one. It brings next-level speed and accuracy to these processes, minimizing the error-prone, cumbersome manual efforts and allowing a wider range of users to work with the sophistication of applied mathematics.
By adding advanced ML algorithms to the commonly used generalized linear models (GLM), ABACUS allows the use of a wider range of risk factors. Another key benefit is the superior personalization due to the increased number of risk segments, as well as the reduced time for completion of both pricing and rating processes, from 3 months to 5 days. Yet another key advancement that the customer receives through ABACUS is an increased net profit, 60% less actuarial effort and 100% less IT effort for Rating setup and configuration.
To infuse AI in their solution, Ablera used IBM Watson Studio, a leading data science and machine learning solution that helps enterprises accelerate AI-powered digital transformation. It allows businesses to scale trustworthy AI and optimize decisions. IBM Watson Studio enables companies to build, run, and manage AI models on any cloud through an automated end-to-end AI lifecycle – simplifying experimentation and deployment, speeding up data exploration and preparation, and improving model development and training. It also allows the governance and monitoring of models to mitigate drift and bias and manage model risk, thus driving trust across the AI lifecycle.
Ablera recently partnered up with the IBM Client Engineering team in Central and Eastern Europe to co-create a Minimum Viable Product (MVP) for ABACUS in 4 weeks. The team brought a deeply skilled multi-disciplinary squad, technical accelerators and proven methodology to co-create a solution ABACUS that insurance companies could implement instantly after the MVP completion. In addition, the team put in place a Jupiter Notebook as a reusable asset and made the model publicly available for test on IBM Cloud using a user-friendly interface, powered by Cloud Pak for Data as a Service.
Ablera has already won the prestigious award for Technology at the International forum in Dubai for their outstanding work on creating ABACUS. In addition, they won the Start-up Technology Award for their innovative solution transforming the processes in insurance companies. The award was received at the 5th edition of the prestigious Golden Shield Excellence Awards, in the InsurTech Start-up Technology category.
Ablera is an Insurtech company, focused on developing forefront technologies and providing cutting-edge solutions to help Insurance companies and Brokers simplify business complexities and effectively optimize resources. The core team has in-depth knowledge in the field of insurance and more than 25 years of experience in developing Insurtech solutions and it is currently enriched with a strong group of AI / ML engineers. https://www.ablera.com/serdica
ALSO Holding AG (ALSN.SW) (Emmen/Switzerland) is one of the leading technology providers for the ICT industry, currently active in 28 countries in Europe and in a total of 143 countries worldwide via PaaS partners. The ALSO ecosystem offers around 120.000 resellers hardware, software and IT services from more than 700 vendors in over 1450 product categories. In the spirit of the circular economy, the company provides all services from provision to refurbishment from a single source. The Supply division comprises the transactional range of hardware and software. The Solutions division supports customers in the development of customized IT solutions. Subscription-based cloud offerings as well as platforms for cybersecurity, virtualization and AI are the focus of the Service area. The main shareholder is the Droege Group, Düsseldorf, Germany.
About IBM Client Engineering
IBM Client Engineering is an investment by IBM to jointly innovate and rapidly prove solutions to clients’ and partners’ business opportunities by leveraging IBM hybrid cloud and AI technologies. IBM Client Engineering teams consist of designers, solution architects, data scientists, cloud engineers, security experts, business transformation consultants and more who work side-by-side with clients and IBM Ecosystem partners on an agile co-creation of solutions for their clients – all within 6-8 weeks. The team of creators uses technologies such as Cloud, Data, Automation and Security to deliver innovative solutions and MVPs that address business use cases and challenges in industries such as government, financial services, telecommunications and travel and transportation, among others. The IBM Client Engineering teams in Central and Eastern Europe operate out of two locations – Warsaw and Prague.