DAYLI Intelligence
Maximizing Insurance Business Outcomes

Owing to increasing loss ratios, the insurance industry is experiencing a substantial decrease in profits. In the present situation, where an efficient automated insurance management solution has become the need of the hour, enters DAYLI Intelligence. DAYLI leverages artificial intelligence, machine learning, and blockchain to automate insurance processes and their workflow. The company leads insurance technology innovation through DAVinCI LABS, an automated machine learning solution developed by DAYLI’s wholly-owned subsidiary company, Solidware Co. Ltd. Paving a way for insurance companies to reduce loss ratio and improve business results, DAVinCI LABS thrives in the insurance solutions marketplace as a game changer.

The striking feature of DAVinCI LABS is that it generates predictive functions instantly to discover the hidden patterns within insurance data. “By pre-processing important tasks such as variable type selection and data transformations, our predictive models help insurance companies cut down operational and capital costs,” says Kyoung June Eee, CEO of DAYLI Intelligence. The predictive and underwriting models are user-friendly and are updated at regular intervals. Not only data scientists, engineers, or related experts can use the solution, but also business professionals can fully utilize the solution to carry out data science and modeling tasks without the support of technical experts. These capabilities allow businesses to enhance their business process efficiency and explore new revenue opportunities.

The insurance companies leverage DAVinCI LABS in several other areas that include claims review, customer retention, lapse and surrender, online conversion rate, marketing campaigns, and optimal matching between an orphan policy holder and the insurance agent.

The efficacy of DAVinCI LABS can be demonstrated by highlighting the way AXA Direct Korea, a major player in the Korean insurance market, reduced its loss-ratios.

In a marketplace where minute changes in the loss ratio typically generate an additional profit or loss of approximately 60 billion KRW, AXA Direct Korea was striving to increase its bottom line. The company adopted DAVinCI LABS to minimize the losses. DAYLI developed a loss prediction model for AXA’s auto insurance wing. Using the model, AXA was able to reduce the loss ratio to 7 percent and drive a profit of 10 billion KRW. An interesting aspect of this case was the utilization of externally sourced data, such as weather information and vehicle specifications.

The insurance companies leverage DAVinCI LABS in several other areas that include claims review, customer retention, lapse and surrender, online conversion rate, marketing campaigns, and optimal matching between an orphan policy holder and the insurance agent

Already renowned in the Korea and Japan markets DAVinCI LABS solution has now entered countries such as Malaysia, Vietnam, Hong Kong, China, and Singapore. The company has plans to expand the AI-based solution to many other countries across the globe. With consistent technological advancements, DAVinCI LABS can soon be expected to support unstructured data. What’s more, to make it possible for insurance companies to convert customer documents into digital, DAYLI is focused on developing a deep learning-based OCR module.

In addition, DAYLI has incubated a blockchain technology company, ICONLOOP, to cater to a broader audience. Comprising high-performance consensus algorithms, the company’s proprietary blockchain engine ‘Loopchain’ is well received by numerous financial services companies including insurance. Loopchain’s modular architecture allows clients to introduce a layer of flexibility throughout their organization, making it the go-to application for both new-age and traditional insurance companies. In 2017, DAYLI was assigned a task to develop a blockchain-based Smart Insurance Claims Service.

In the wake of growing volumes of structured and unstructured data across industries, companies find it daunting to realize a machine learning strategy. To address the challenge, DAYLI offers a quick-win consultancy program through Solidware. The program is the first step for clients to internalize machine learning capabilities.