Optimizing Distribution Via Data Science
In 2017 Cover Genius spun off its platform business, BrightWrite. BrightWrite gained early interest from the underwriting industry as the distribution platform initially built for Cover Genius' highly successful B2B2C niche insurance site RentalCover.com.
BrightWrite is an insurtech startup that - by introducing data science into the value chain - optimizes retail distribution for insurers and their distributors. With its patented Yield Suite technology, BrightWrite applies Machine Learning for dynamic pricing, Artificial Intelligence for mass product customization and multi-variate testing to optimize the online promotion of insurance. The underlying analytics and data that drives Yield Suite is also exposed to underwriting partners via Risk Suite. Actuarial teams can compliment their risk models with contemporary digital datasets, available for the population or on an individual customer or claimant basis.
The following 2 decks (Pitch Deck and Demo) outline the BrightWrite value proposition.
BrightWrite Pitch Deck
The BrightWrite pitch deck includes details of our successful launch of Dynamic Pricing. Within 11 weeks of launch, Gross Written Premiums across our network of clients increased 15%. Those partners include one of the World's largest travel insurance distributors, Rentalcars.com (part of the Priceline Group - NASDAQ:PCLN).
Here's a slide summary:
- Slide 2 shows why insurance fails to get the necessary attention from distributors
- Slide 3 explains BrightWrite within the Value Chain
- Slide 4 outlines the Data Science that we use
- Slide 5 is a case study
- Slide 6-7 include examples of static distribution
- Slide 8 is a demo showing BrightWrite's machine learning-based dynamic pricing and multivariate testing in action
- Slide 9 shows how the platform sits behind insurance partners and;
- Slide 10 includes some data point for the first 3 months of 2017.
A Demo & Study of How Insurance is Distributed Around The World
The deck below includes a demo and a detailed study of how insurance is sold in a static manner by large distributors of insurance throughout the World.