Machine learning, algorithms, or AI – you can call it whatever you like but there is no denying that insurance is being transformed by software; quotes, risk modelling, fraud detection, pricing against competitor, the list goes on. So here’s some interesting news from Go Compare;
GoCompare has today (31 January 2018) announced the launch of Machine Learning for Fintech (#ML4Fintech), a new fintech community development project.
The project will allow fintech organisations to pass anonymised transactional data to GoCompare’s APIs, which will carry out in-depth analysis and produce a summary of those transactions and provide predictions on future spending, for free.
Announced by Jackson Hull, GoCompare’s Chief Operating and Technology Officer, at the AI Congress in London, Machine Learning for Fintech demonstrates the Newport-based company’s significant commitment to supporting other innovative fintech organisations and its vision of making South Wales a UK hotspot for machine learning and artificial intelligence.
For the first time, GoCompare will open up access to APIs to other financial services companies. The APIs available include transaction categorisation, merchant identification and insight on predicted spending. Machine Learning for Fintech will give fintech organisations access to world-class skills and data science practices, without them needing to invest in their own teams. This in turn will help them to better understand their own customers.
GoCompare will also use this anonymised data to train and build robust machine learning models for the fintech community, ultimately to benefit consumers. Investment in AI, machine learning and data science is fundamental to GoCompare’s vision for the future.
Applications for access to the beta version of Machine Learning for Fintech are now open. To participate in the initiative, organisations are invited to request a developer token from: https://www.communityapis.com.
Jackson Hull Chief Operating and Technology Officer at GoCompare said: “Today marks a huge step for GoCompare as we continue to develop our position as not just a consumer champion, but also as a UK fintech leader.
“With the launch of Machine Learning for Fintech, our goal is to join forces with other anchors of the fintech community to share data best practices, securely combine anonymised data sources and build data-driven experiences together to facilitate innovation in our industry.
“As a reputable fintech brand in the UK, supporting innovation in the industry isn’t just an opportunity for us, but is also our responsibility. Today’s launch supports our vision of making South Wales a data science hotspot.
“AI and machine learning are the future of financial services and will raise the benchmark of customer expectation. GoCompare is a company with a large stake in that future, one that helps people everywhere save time and money through cutting edge technology and data-driven innovation, and one that provides unparalleled services.”
Jackson Hull is the Chief Operating and Technology Officer at GoCompare and is speaking at AI Congress on 31st January at the O2 in London.
More API Driven Insurance Projects
Polish-American Infermedica completed an API sharing trial last year, in partnership with Allianz, which utilises anonymous health data to assist diagnosis via AI. Since 2012, the Infermedica API project has gathered together some 1700 subscribers.
Meanwhile Slice Labs in the USA launched an on-demand insurance service, built arouind AI and API data analysis. The idea is to provide a ready-to-go insurance platform, so that PAYG cover can be provided through digital portals, apps etc. Slice say that their offer provides faster times to market, plus lower operating costs, as well as real-time data on what types of insurance are selling, by volume, geography, time of day and so on.
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