We’re proud to announce that for the second year running, Nuon AI has been included in the 2023 AIFinTech100 list.
This prestigious ranking highlights the world’s most innovative companies who are developing AI and machine learning technologies to solve challenges and improve efficiency.
Since the launch of ChatGPT in November 2022, AI has been a major talking point. AI has captured the imagination of everyone, with financial institutions now exploring how they can incorporate it to transform their operations.
A recent survey from The Economist found that 85% of banks have a clear strategy for adopting AI in the development of new products and services. One of the biggest draws to the technology is cost savings. A report from Insider Intelligence claimed North American banks have a combined potential cost saving of $447bn for 2023.
Don’t miss: Download our free AI Adoption Playbook
The huge market opportunity for AI has created a hotbed of tech providers building AI or data solutions to solve challenges in areas such as banking, insurance, customer experience, investment & trading and compliance. As a result, the selection process for this year’s AIFinTech100 list was exceptionally competitive. Finalists were chosen by a panel of industry experts and analysts based on research produced by FinTech Global on over 2,000 FinTech companies.
FinTech Global director Richard Sachar said, “Generative AI tools like ChatGPT have shown how advanced AI technology has become. Financial institutions will need to explore how they can leverage the latest AI and data analytics technology, or they risk being left behind by competition. The new AIFinTech100 list gives senior decision-makers the knowledge of the best vendors in the market and those leading the charge on innovation.”
Why Nuon AI was selected
Insurers, brokers, MGAs and insurance technology platforms are increasingly struggling to keep retail pricing strategy competitive and profitable thanks to internal and external pressures.
Nuon’s AI pricing technology augments the traditional ‘risk price’ developed by the insurer, providing the market’s only service able to adjust ‘market pricing’ in real-time.
By doing this, Nuon AI solves 3 distinct problems for insurance customers.
1. Increase take-up rate
Maximise policy take-up by as much as 30%+ by experimenting with micro-pricing adjustments.
2. Increase average premium
Find optimal price points for premium that allow for an average overall premium increase as high as 40%+.
3. React to market conditions fast
Adapt retail pricing faster than the competition, even during unplanned market events.
The personal lines markets in particular are saturated with multiple brands competing on the insurance aggregator platforms, with customers looking for the lowest price and new regulations affecting the ability to innovate and compete.
A new market entrant or a competitor price change can have a significant impact on take-up rate before pricing and underwriting teams have had time to respond. Thanks to an unstable global financial environment, insurers can no longer rely on investment income as a means to profitability.
Nuon AI offers an API-connected solution that is simple to integrate, enabling insurance organisations to unlock their full pricing strategy potential.
Further reading: How Nuon AI helps insurers react fast to competitor price changes
Find the full AIFinTech100 list and detailed information about each company at AIFinTech100.com.