If we know anything about the future, it is that Data Analytics will feature strongly. We’ve known it for a while. But it’s not just about capturing data, it’s about interpreting that data and embedding it our day to day operating for the benefit of both our customers and our employees. It’s a science that Ageas UK is investing in, but also sharing expertise across the Group as a whole.
The creation of an Advanced Analytics and Data Science team brings together people with this critical skillset from across the organisation. For the business, it creates a centre of excellence for Data Science and advanced analytics expertise, with the capacity to identify analytical solutions to key business problems. It not only provides a clear structure for investing in our data science experts, but it also promotes collaboration and sharing of ideas, new developments, and innovative solutions.
The new centre of excellence is already fuelling a number of projects with forensic insight, including an initiative that aims to shed light on the variation in risk associated with employment status. We have developed a Machine Learning model, providing greater clarity and insight, and allowing us to make a distinction not captured through traditional channels. A similar model predicts behaviours and level of risk for recently retired policyholders.
Using both internal and external data sources, we have also applied Machine Learning and associated new techniques to effectively predict claims costs, which has provided a greater level of understanding of the drivers of claims inflation, and in particular whether claim cost trends are driven by changes in the profile of our customers and claims or are the result of underlying economic inflation. This is invaluable in the current economic climate.
Supporting Impact 24, the UK is the “OpCo in the lead” for Data Science. A key component of this has been the implementation of a dedicated Artificial Intelligence and Machine Learning training programme for other Operating Companies, providing practical experience of Data Science, alongside the development of theoretical experience, across the Group.