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AI you control with Nuon’s AI Dashboard

By Mathew Donfrancesco / Founding Partner, Nuon AI

Once integrated with Nuon’s AI, insurance customers can access a powerful MI dashboard to monitor, gain insight and extract data on the AI’s performance. In this blog, we walk through just some of the live metrics covered within the dashboard, putting an insurer in complete control of the AI.

Plus, see a real-world example of how the dashboard has been used to identify and monitor the AI’s reaction to a change in market conditions, which led to an insurer recovering market share in a matter of days.

Take a tour of the dashboard

A deeper dive into the metrics

The Nuon dashboard is fully customisable and created in collaboration with the Nuon team for a bespoke experience. Data is stored securely on Nuon servers, in line with GDPR and other regulatory requirements.

Here’s a rundown of the most common data points that insurers choose to include to track changes and improvements made by the AI.

GWP tracker

Track GWP performance in real time.

Take-up rate

Track the performance of take-up rate for policies and see the total number of policies taken up vs not taken up (NTU).

Average premium adjustments

See the rolling average difference between the AI price and the original rated price as policies are marked purchased.

Customer cohort adjustments

Track individual customer cohort AI upward and downward adjustments.

Rating factor performance

Gain insights into individual rating factor AI adjustments and performance.

Other data points available for tracking include:

  • A comparison of AI vs. pre-AI premium
  • The total number of quotes that have been tracked by the AI
  • The total number of factor adjustments

Compliance at the heart of the dashboard

Along with powerful MI and data insights, the Nuon dashboard provides a dedicated space for compliance. Securely download data extracts with a complete log of all pricing experiments run and purchases made to easily provide an audit trail for compliance purposes.

See the dashboard in action: Customer Case Study

The problem

In a simulated environment, several insurers dropped their prices significantly, resulting in our client experiencing a considerable drop in click-throughs on several aggregators.

The solution

Nuon’s AI began experimenting with lower price points to figure out how much the client would have to reduce their quotes to become competitive again.

Once Nuon identified the optimum new price points, it rolled out those changes across the network.

The outcome

The Nuon AI-powered insurer recovered market share in just 36 hours and fully adjusted to the competitor’s price change in 3.5 days, with no additional work on their part required.

Once competitors increased their prices again, Nuon identified opportunities to increase quoted prices without losing market share. This produced greater profits for the clients without requiring any additional changes.

The insurer was able to identify, monitor and report on the changes happening within the market in real time, using the Nuon AI dashboard.

  • The dashboard shows a competitor price change impacting take-up rate with an overall hit of 1% on take-up
  • Average premium was adjusted by -£7 per policy (less than 1%)
  • A key metric is the speed of response;  0.5% take-up recovery within 36 hrs and fully adjusted to the competitor price change within 3.5 days
Rolling take-up rate

The impact of the price reduction is reflected in the take-up rate.  The adjustment at 07:00 am reflects a 1% drop that then recovers with the further drop in premium price.

Rolling average purchased premium adjustment

The dashboard shows the average price reduction moves down from -£10 to -£17.5 per policy. A 0.984% overall price reduction applied to certain cohorts only.

Rolling GWP

The insurer was able to track the volume of GWP passing through the AI over time.

Is Nuon right for you? Let’s talk! Get in touch now to find out more about how our AI insurance products can benefit your business.

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