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Revolutionizing Actuarial Science & Insurance Innovation for Allianz
Background & Problem Statement
As a global leader in health insurance, Allianz faced challenges in addressing actuarial inconsistencies and inefficiencies across diverse markets. The complexity of developing insurance products which comply with varying local regulations while aligning with global standards created operational bottlenecks. Allianz sought a solution to standardize insurance product development and pricing, enabling scalability and innovation on a global scale.
Integrations
Research, Insights, & Development
Our process combined extensive research, strategic design, and advanced engineering to address Allianz’s global challenges:
Research & Insights:
Identified inconsistencies in actuarial practices and pricing methodologies across key markets, including Malaysia, Turkey, Italy, and Argentina.
Conducted workshops with Allianz’s actuaries and business units to map workflows and regulatory constraints.
Developed insights into the operational needs of various regions, informing the creation of a centralized dashboard.
Development:
Designed a scalable AI algorithm to predict, price, and optimize insurance products globally, ensuring alignment with local regulations.
Created Alex, an intelligent assistant providing global and localized insights to support strategic decision-making.
Built a centralized dashboard integrating all Allianz business units, offering real-time visibility into actuarial data, product performance, and regulatory compliance.
Applied Allianz’s NDBX (New Digital Brand Experience) design library to ensure the dashboard adhered to their digital branding guidelines.
Solution
Our AI-powered platform, combined with the centralized dashboard, transforms Allianz’s approach to insurance product development and pricing:
Standardization and Scalability:
Unified actuarial practices into a global framework, enabling consistent and efficient product development.
Leveraged AI to automate pricing, forecasting, and compliance processes, reducing manual intervention and errors.
Centralized Dashboard:
Designed to connect all Allianz business units, providing a single source of truth for actuarial data and product insights.
Implemented NDBX design principles, delivering a user-friendly interface that aligns with Allianz’s digital brand identity.
AI-Driven Innovation:
The Alex assistant delivers localized insights, empowering regional teams while maintaining strategic alignment with global objectives.
Continuous learning capabilities ensure the platform evolves with changing actuarial practices and market demands.
Results
The platform and dashboard delivered significant value, positioning Allianz as a leader in global insurance innovation:
Actuarial Excellence:
Standardized pricing and product development processes, setting a new benchmark for the insurance industry.
Enhanced accuracy and transparency, building trust among consumers and stakeholders.
Operational Efficiency:
Reduced complexity in global operations by providing real-time insights through a centralized dashboard.
Streamlined collaboration between business units, accelerating time-to-market for insurance products.
Design Leadership:
Successfully integrated NDBX design principles, creating a cohesive and branded experience for all Allianz users.
Delivered a dashboard that balances functionality with aesthetic alignment to Allianz’s digital vision.
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