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Nuon AI insurance insights

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Nuon - How to?

How Nuon AI works…

This real-world simulation shows how the Nuon algorithm identifies and responds to a competitor who makes a factor change. This particular scenario sees a price reduction on a motor product for legal cover.

Within two hours, the insurer using Nuon has learned, adapted and recovered its conversion rate.

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Decetralised finance graphic / Nuon AI

How will decentralised finance affect insurance?

Not so long ago, cryptocurrency was viewed with a great deal of scepticism; it was for the dark web and not mainstream. But that’s changed and crypto is coming of age – disrupting the financial sector as it goes. How is that so, and how will it affect insurance?

Ignite Systems and Nuon AI partnership

Ignite Systems and Nuon AI partner to deliver UK’s first embedded AI pricing service

Details of the UK’s first AI-driven pricing service have been revealed as part of a joint venture between artificial intelligence specialists Nuon AI, and leading broker policy administration software provider Ignite Systems.

What does AI mean in insurance?

There’s a lot of buzz around AI in all areas of our life. How people feel about that covers the full range of positive, negative or indifferent emotions. In this blog, we get to the heart of what AI means for insurance.

Nuon AI dashboard icon

How we use visual tools to build Nuon AI

To help us – and our customers- understand the workings of Nuon’s AI algorithms we use visual tools. These help us track how the AI is hanging together, as well as provide our customers with real-time insights into how their products are performing.

FCA

Treating customers fairly and the FCAs Equivalent New Business Price – ENBP – rules

Back in 2016, the UK’s Financial Conduct Authority – FCA – raised concerns about the pricing practices in general insurance markets when it published several papers suggesting those practices may lead to consumer harm, with pricing not always reflecting the risk.

Paul Doran

Nuon AI raises £300k pre-seed investment and grows leadership team

Nuon AI has today announced it has secured its first round of investment from Haatch Ventures, a multi-award winning early stage venture fund.  At the same time it has formalised the appointment of Paul Doran as Partner, responsible for Nuon’s growth and customer strategy.  

Flatland / agile team structure

Welcome to Flatland

If you’re familiar with startup lore, you may well recognise that title. It comes from Valve’s Handbook for New Employees. The million-dollar question, of course, is how you scale such a model. There are three inspirations behind how we go about doing things at Nuon: Lean, Agile, and Growth Teams.

Nuon - How to?

How Nuon AI works…

This real-world simulation shows how the Nuon algorithm identifies and responds to a competitor who makes a factor change. This particular scenario sees a price reduction on a motor product for legal cover.

Within two hours, the insurer using Nuon has learned, adapted and recovered its conversion rate.

AI bias header

AI bias

The topic of AI bias is getting a lot of airtime at the moment. As it should. There have been a number of embarrassing public blunders and with the influence of AI on real-world decisions spreading, no one wants to see mistakes repeated at larger scale. But why does bias matter so much? How does it get into an AI? What are people, including us at Nuon, doing to avoid it? And, what the heck is bias anyway?

The Lean Startup book

The Great Learning Opportunity of Failure

What may be viewed as failure to some, may actually be an organisation’s strength, because this is how you learn, evolve and grow, and in times like these, where Covid has disrupted almost every aspect of our lives, a willingness to test, experiment and fail may actually be the thing that allows a business to survive.

Reinforcement learning / Nuon AI

Why reinforcement learning for insurance pricing?

The heart of Nuon’s Artificial Intelligence software is a set of proprietary algorithms based on Reinforcement Learning (RL) So why do we use RL? In simple terms, RL allows us to run experiments on live quotation and sales data – and learn from them.

That’s AI right?

The term AI (Artificial Intelligence) is used rather loosely today to describe all kinds of things. Leading some to get annoyed over its use, or apparent misuse. A week rarely goes by without a “the robots are coming and they’re going to take your job!!” story in the media – most of which will refer to AI; and more and more products are sold claiming AI features of one kind or another. Why so now, and why get annoyed?