LEADING Wales-based “insurtech” firm Next Venture Technologies has completed the first installation of its ground breaking data management service software.
Next Venture says its pioneering service works by using Machine Learning (ML) algorithms to convert data captured by its systems normal operations to provide insights to its customers.
The insights produced can be fed back into the existing systems creating a “virtuous circle” in terms of performance improvements.
Next Venture’s first customer is fast-growing specialist insurance broker, Pontypool-based Quote Detective.
Next Venture, which is based at Torfaen’s Mamhilad Park, Pontypool, South Wales, says the current implementation is focused on two areas, the first is identifying a customer’s propensity to purchase, this allows Quote Detective to effectively allocate its sales resources to best support their customers. The second identifies gaps in Quote Detective’s markets allowing then to modify their product pricing and placement to target poorly served market niches.
Stephen Peck, founder and technical director of Next Venture, said:
“We wanted to give our customers the opportunity to take advantage of the advances in AI and in particular machine learning without the need to change their existing systems of embark on an expensive time consuming “data mining” projects.
“We achieved this by applying the technology to specific areas of the business where our systems already provide real time “clean” data ideal for building machine learning models. While this has always been possible we have added in the ability for our systems to use the models produced to modify their normal operation to take advantage of the new insight automatically.”
Next Venture Technologies provides a range of “insurtech” services to price comparison sites, intermediaries and insurers.