INTER IIT TECH MEET 11.

0
TEAM 19

Online Insurance
Agregator
B A S E D O N C O G N I T I V E G A R A G E ' S A I A N D A U T O M A T I O N
INTER IIT TECH MEET 11.0
TEAM 19

Cognitive Garage

Cognitive Garage is a no-code data to

decision platform, using which a
domain expert can quickly build a
knowledge model to automate the
complex knowledge-intensive decision
making. Cognitive Garage seeks to fill
the gap and build a tool that can
automate and simplify the process of
generating a decision model from the
data.
INTER IIT TECH MEET 11.0
TEAM 19

Problem
Statement

Mis-selling of Insurance
Policies and optimisation
of Persistency ratio of an
Insurance company

LEARN MORE
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Customer
Insurance companies!
INTER IIT TECH MEET 11.0
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Vision And Mission

Vision
with this project our vision would be to
provide apt policies to the customers and
grow the insurance company's renewal
rates.
Mission
To give access to Cognitive Garage's AI
and Automation product to insurance
company and have them enter their
parameters and take parameters from
customer's end and match to the policy
that fits the best.
 INTER IIT TECH MEET 11.0
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About the Problem

Why are we considering insurance company as our customer? How is
the decision making cmplex in their case?

Not satisfied Very less confused,

01 02 03
Customers. penetration unclear, lost,
Gap between rate because baffled
expected and of bad service customers
percieved experience or
services lack of trust
 INTER IIT TECH MEET 11.0
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Consequence of the
problem
Why are we considering insurance company as our customer? How is
the decision making cmplex in their case?

Peristency ratio No more new Mis-selling of the

01 02 03
and renewal customers to policy and
rates of an opt for a policy continuing the
insurance viscious loop.
company the wrong policy is
decreases sold because of
miscommunication
INTER IIT TECH MEET 11.0
TEAM 19

Domain Expert's
Inputs.
Sanjeev Bindlish
CEO and co-founder Advaita Bedanta
Consultants Pvt Ltd
http://www.advaitabedanta.com
sanjeev@advaitabedanta.com
Previously worked for TATA group, Oracle
group, Data Analytics startups
BTech and MBA
INTER IIT TECH MEET 11.0
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Solution

Identifying the parameters Inference Graph

01 as listed in the report, first we need to identify the 02 we drag and drop the parameters into the
domain ontology and then mention parameters. knowledge studio and make the inference graph
from both the insurance company side and the
customer.

Identifying the conditional probalities Using the Knowledge model to score

03 we see the inference graph and we find the 04 then once we define the probabilities, we bring
parameters which are related to each other. that everything together and build a knowledge model
means getting a policy based on the input by the based on that which will give the scoring on basis
customer. of which policy suits the best for the customer.
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Our Target
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Trust the Process

INTER IIT TECH MEET 11.0
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Case Study
Let's Discuss some cases!
INTER IIT TECH MEET 11.0
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Trust the Process

 INTER IIT TECH MEET 11.0
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Inference
Graph and
Conditional
Probability
 INTER IIT TECH MEET 11.0
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Let's Talk some

Numbers!
How will the built knowledge Model will prove to
be a great help for insurance companies?

60-70% 3-4%
Current persistency Ratio Penetration Ratio

Persistency ratio and Penetration Ratio will

increase if policy is sold correctly.
Increasing these ratio increases the total revenue
generated by the insurance company.
Increasing the Penetration Ratio will generate a
humungous market for the insurance companies
INTER IIT TECH MEET 11.0
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Quotes Today

"It's very easy for trusted companies

to mislead naive customers, and life
insurance companies are trusted"
-Daniel Kahneman
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Bibliography
To analyze more information with datasets:
https://drive.google.com/drive/u/1/folders/1bkUmtvS_-laDTAiI_kErXmMTdTeZia-r

References
https://www.investprogram.org/students/insuranceinreallife/insuranceworks.aspx#:~:text=In
surance%20is%20a%20contract%20that,Property%20and%20Casualty%20insurance%20(P
%26C)
https://www.investprogram.org/students/insuranceinreallife/insuranceworks.aspx#:~:text=In
surance%20is%20a%20contract%20that,Property%20and%20Casualty%20insurance%20(P
%26C)
https://www.justworks.com/blog/how-health-insurance-rates-determined
https://www.investopedia.com/ask/answers/09/calculating-premium.asp
https://www.investopedia.com/terms/c/creditrating.asp
https://www.bankbazaar.com/insurance/terminsurance/terminsuranceplanscomparisonpara
meters.html
https://www.iii.org/sites/default/files/docs/pdf/Insurance_Handbook_20103.pdf
https://www.researchgate.net/figure/Subnetwork-of-health-insurance-variablesrepresented-
by-nodes-Variables-about-type-of_fig2_301880246
https://www.valueresearchonline.com/stories/51519/the-aggregator-solution-and-a-
problem/
INTER IIT TECH MEET
11.0
PROBLEM STATEMENT-9

Thank You
H O P E Y O U L I K E O U R U S E C A S E !