Nuon helps insurance providers maximise profitability and beat the competition by making live adjustments to every premium quote they offer, optimising their pricing in real-time.
We have developed AI algorithms, using a branch of AI called reinforcement learning, to constantly monitor the performance of an insurance product, and recommend pricing adjustments to improve conversion and/or premium income.
Our AI is accessed via a simple cloud based API, and supports both new business and renewals, whilst complying with regulatory requirements, such as the FCAs General Insurance Pricing Practices.
We have proven market success, in the UK our AI has increased client premium income by between 10% and 50% for different lines of business, including motor insurance distributed on the price comparison sites where competition is extremely high. We are also operating in the US, successfully increasing premium income for a multi state property insurance provider.
Nuon is led by Matthew Tomlinson, Mathew Donfrancesco and Richard Anderson. As a team they have a long history working in the insurance sector, including founding an MGA operating in the US and UK. Their experience has allowed them to see first hand the challenges faced by the sector, and Nuon’s AI has been developed specifically to solve one of those key challenges.