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Ventiv’s new data science solution gives risk managers the edge in the hard market

Atlanta, GA – 17 December 2020 – Leading risk, insurance and claims management software solutions provider Ventiv Technology (Ventiv) is giving a much-needed boost to risk managers wanting to harness the power of Artificial Intelligence (AI) with the launch of the Ventiv Data Science Solution, a market-first, purpose-built platform integrating self-service advanced analytics, business intelligence and data science.


The solution addresses the shortfall in risk managers adopting a data science approach to better understand their own risk portfolio by making it easy to input, model and utilize their own and third-party data to proactively predict claim development with AI-driven predictive analytics.


With the new solution, Ventiv has ensured that no matter the user’s previous experience of AI and analytics, data science techniques can be immediately employed for anything from very basic to sophisticated modelling and analysis, with no additional training needed. The solution, with built-in and extensible AI/Machine Learning, allows the user to perform accurate data modelling, from claims scoring to predicting claim severity, to full Monte Carlo simulations and modelling the probability of various outcomes. The solution also allows users to quickly discover insights, identify patterns and generate risk predictions based on a huge range of data sources and benchmark their data against that of their peers.


Kristi McFarlin, Vice President of Analytics at Ventiv commented:


“Against the backdrop of a rapidly hardening market, it is vital that risk managers can present a clear and accurate picture of their business risk in order to get the best price for their coverage from providers.


We know that better use of data and the latest advanced analytics techniques can help them to achieve that, but for many businesses there is a perception that these data science techniques are difficult to understand, expensive, complex to use and therefore hard to persuade company leadership to invest in.


Our new data science solution has been specifically designed to make AI easy for anyone, no matter where they are on their AI journey. The solution offers simple data integration from multiple sources, and depending on level of experience and knowledge, users can either use our built-in risk models or develop their own. They can then use these models to predict the ultimate cost of each claim or run a range of advanced simulations to develop insight-led data predictions that will allow them to better understand the risk they’re presenting to their broker or provider.”


For further information on Ventiv's Data Science Solution head over to our product page.