We’re proud to announce that Nuon has been included in the 2022 AIFinTech100 list.
This prestigious ranking highlights the world’s most innovative solution providers developing artificial intelligence (AI) and machine learning technologies to solve challenges or improve efficiency in financial services.
The adoption of AI and data analytics solutions by financial institutions has exploded over the last two years accelerated by technological advancements, increased use of digital channels, and shifting regulatory frameworks. Additionally, the potential cost savings for banks from AI applications is estimated to reach $447bn over the next 12 months.
As a result, the number of tech providers employing AI or data solutions to solve challenges in areas such as banking, insurance, customer experience, investment & trading and compliance has skyrocketed.
This made the selection process for this year’s AIFinTech100 list extremely competitive as the finalists were selected by a panel of industry experts and analysts based on research produced by FinTech Global on over 2,000 FinTech companies.
Why Nuon was selected
Here are just some of the headlines on Nuon’s AI that caught the judges’ attention:
Insurers, brokers, MGAs and insurance technology platforms are increasingly struggling to keep 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 solves 3 distinct problems for insurance customers.
1. Increase take-up
Nuon’s AI can be used to find optimal price points to maximise policy take-up within the bounds of a defined underwriting appetite
2. Increase average premium
Nuon’s AI can be used to find optimal price points for premium that allow for an average overall premium increase without loss of take-up
3. React to market changes fast
Nuon’s AI will ensure your underwriting goals are being met, even during unplanned market events.
The personal lines insurance markets in particular are saturated with multiple brands competing in the same space, 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.
Inside insurance companies, legacy technology holds back innovation and teams are faced with competing projects and very limited resources. Archaic underwriting procedures lead to high losses. Meanwhile, there is continued pressure to find ways to increase profitability and take-up rate to gain market share.
Find out more about the list
FinTech Global director Richard Sachar said, “Now, more than ever, established financial institutions need to be aware of the latest AI and data analytics technology in the market to deliver competitive financial products and reach new customers.
“The AIFinTech100 list helps senior decision-makers in the industry filter through all the vendors in the market by identifying the market-leading AI innovators which will have lasting impact on the industry.”
Find the full AIFinTech100 list and detailed information about each company at AIFinTech100.com.
