Is Machine Learning with Human Collaboration The Next Evolution In Commercial Underwriting?

NeuralMetrics is doing something relatively unique in the commercial insurance space that founder and CEO Prakash Vasant describes as ‘disrupting the insurance industry,’ but they may end up disrupting a great many more industries as well if their approach is validated.

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The core of NeuralMetrics business is about streamlining efficiency in commercial underwriting by using technology to assess risk with extremely limited input data relative to the pages of forms that applicants typically submit. 

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What’s more revolutionary, however, is that the machine learning decision making process is transparent, which is a stark departure to the black boxes that typify most machine learning analytical processes.

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By allowing insurance agents to see in real time what data is being used in order to trigger which analytical responses, the process of using machine learning becomes a collaborative one where people get to use their own knowledge and experience to better evaluate and adjust machine learning responses as necessary.

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You can read an interviewer where these issues are covered here.