Q2 in Review: Expanding our AI retail pricing product

By Matthew Tomlinson / Co-Founder, Nuon AI

The end of another quarter is upon us, and the summer season is well underway. Our real-time AI solution is revving up as busy-season hits across travel, and competition increases in the motor markets as GIPP regulations continue to bed in. 

In this Q2 review, I’ll walk through some of our top achievements and learnings from the last 3 months.

Real-time AI retail pricing for new business and renewals

This quarter we’ve been busy introducing our real-time AI retail pricing to new insurance customers, expanding into additional product lines for existing customers, and also adding a renewals solution.

A renewals product is a long-awaited addition to our service that enables insurance customers to optimise the price offered to customers while remaining compliant with FCA and price walking requirements. 

Seeing our existing customers onboard additional tools from Nuon AI is an important signal that our insurance customers are seeing true value from our pricing products.

What could Nuon AI do for your insurance product performance? Book your initial Discovery Call here.

Partnering with insurance platform providers

As well as working directly with global insurers, carriers, brokers and MGAs, we are also partnered with industry-leading insurance software platforms including Ignite Systems (a Verisk company) and Socotra to provide AI-driven retail pricing to their networks of insurance customers. 

This quarter we’ve had exciting conversations with some more of the world’s largest insurance software vendors to make our solution available on their platforms. Watch this space.

Are you an ISV interested in introducing real-time AI pricing? Book in here – we look forward to hearing from you. 

Refreshing our website

You may have noticed we’ve made some changes to the Nuon AI website, to help bring to life the ways in which we are driving insurance product growth across multiple sectors and markets. 

Don’t miss our new Use Cases area, where you can read how Nuon AI is working across the following areas:

Nuon AI included in the AIFintech100

We’re proud to share 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 developing AI and machine learning technologies to solve challenges and improve efficiency. Find out more here.

Supporting the adoption of AI in insurance

Over the last 3 months, the insurance industry has continued to see an explosion in the interest in, and use of, AI technology – thanks to tools such as Chat GPT hitting the mainstream. 

We’ve seen first-hand the surge towards AI adoption and have added some exciting names to our books across personal and commercial lines insurance products.

However, when a new technology becomes a trend – as AI has – many players tend to rise to the surface. We’re advising insurers to proceed with caution and do their research when seeking to introduce AI solutions to their insurance product.

We worked with our adviser, and world-renowned AI expert Professor Andy Pardoe to produce our AI Adoption Playbook to help support the industry. The guide includes:

  • The fundamentals of generative and predictive AI models
  • How to identify a genuine application of AI
  • How insurance organisations can mitigate risks associated with AI technology, to uncover real growth gains
  • Real-world examples of AI technology in action within the insurance industry, to optimise pricing performance

Get your free copy of our AI Adoption Playbook here

Further reading: The rise and rise of ChatGPT: An AI engineer’s perspective

Until next 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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