By Matthew Tomlinson / Co-Founder, Nuon AI
It’s hard to believe that we’re already 3 months into 2023, with a full quarter done and a new one beginning.
This first quarter of the year has been a pivotal one for Nuon AI, with a combination of some remarkable customer results and valuable lessons learned. I wanted to take a moment to share and reflect on what we’ve achieved in Q1.
Helping insurance customers achieve real growth
We’re proud to be able to share three new customer case studies which demonstrate how our Pricing AI is delivering tangible value to insurers in both the UK and US across high-volume personal lines. Find the headlines below, along with links to download the full versions.
11.5%
profit increase
Customer: UK personal lines insurer, competing on the 4 main aggregators
AI mission: To increase profit margin within the bounds of limited capacity supply
31.1%
policy increase
Customer: Another UK personal lines insurer, competing on the 4 main aggregators
AI mission: To increase the size of the insurance book and grow underlying profit
3.7%
premium increase
Customer: US nationwide E&S insurer
AI mission: Find money left on the table within a tight supply line, to grow operating profit and assist the insurer in obtaining an increase in carrier supply
Could Nuon AI be a good fit for your insurance organisation? This guide breaks down what kinds of insurance product are best suited to real-time pricing AI – let me know if you have any questions.
Enhancing our insurance customers’ ai dashboard
This quarter we released a number of exciting updates to the customer dashboard which unlock powerful new capabilities and improve efficiency.
These include:
- Insurers can now run and analyse A:B pricing tests directly from their dashboard
- Downloadable sales reports for easy reporting
- Additional AI controls including upper and lower adjustment thresholds, premium lower limits and quote periods
Read more: Explore powerful additions to the Nuon AI dashboard
Evolving the way we plan
We’ve long been advocates of the OKR planning methodology (Objectives & Key Results) – originally catapulted into the mainstream by Google, most notably when delivering the phenomenal growth of YouTube, and excellently broken down in the book Measure What Matters by John Dooerr.
This planning cycle, we decided to adapt the way we plan and run our OKRs to make them more suitable for our small, agile team. Instead of running standard quarterly OKRs, we set ourselves a shorter time horizon of 8 weeks in which to make incremental progress towards our most important priorities.
The result? A more focused, achievable list that saw us move faster for our customers to roll out improvements to automation and speed up our implementation processes. There’s still plenty for us to improve on as we move into our next set of OKRs, but a key lesson I want to share is to not always go ‘by the book’, and look for ways to tweak and adapt traditional techniques to your own organisation’s ways of working.
More on effective planning: 5 steps to hitting growth goals in 2023
Looking ahead to Q2
Speaking of goals, we’ve just launched our next set of OKRs which are fully aligned around new and existing customers, finding ways to deliver additional value and optimise our AI solution to their needs and objectives. We look forward to sharing further results, case studies and insights over the coming weeks.
How is your Q2 shaping up? If you are an insurer, broker or carrier actively working towards strategic objectives to improve pricing performance, or exploring transformation projects, I’d love to have a conversation.
Hit the link here to book me in for a chat, I look forward to hearing from you.
We’re still taking the time to learn and explore the possibilities that the expansive world of AI has to offer, including experimenting with Neural Networks – a kind of machine learning. I’d recommend reading this new blog exploring how Neural Networks could play a role in future Nuon AI products.
Until next time,
Matt
