Solution

Lumnion’s end-to-end platform that can connect to any core system, automating data preparation, using ML extensively for more precise risk pricing, impact analysis and dynamic pricing uses all widely accepted ML Algorithms including XG Boost, Random Forest, Decision Tree, GLM and GAM for risk modelling. In the platform, Lumnion allows actuaries to model risk in all algorithms and compare them side by side with the same data set. Moreover, Lumnion has also developed its own methodology to make results of any of these the black box machine learning algorithms transparent, so that they become operationally usable. The results of any of the ML algorithms are opened up, showing variables to be used, their significance, and interactions with multiple dimensions. The ML based advisory module helps relieve actuaries from operational work and improves model results dramatically providing advice on the portfolio on a real time basis. Lumnion’s pricing platform also allows companies to optimize pricing on a personal level with the use of external data, getting 360 view of the customer.  With its integrated Pricing Engine, Lumnion can push any commercial price decision into the market instantly, allowing for faster time to market given today’s rapidly changing market conditions.

Lumnion's platform consists of modules that can be usable separately and independently from each other.

Bee: Automated Data Preparation and Earned Premium Calculation
Cheetah: Risk Pricing and Actuarial Modeling.
Dolphin: Commercial Price Management Scenario Analysis
Pricing Engine: Rate Engine
Octopus: Enriching Internal Data with External Data