The project employs ML techniques, aiming to provide up to 95% of Neova Sigorta’s customers with competitive rates. Credit: Poca Wander Stock/Shutterstock.

Turkish insurance company Neova Sigorta is set to modernise and expand its customer base with ML-based premium pricing. 

The insurer has partnered with data and AI company SAS and SAS partner Sade Software & Consultancy to launch an initiative to improve auto insurance premium pricing for its customers.  

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The project is said to be the first in Turkey to employ ML techniques for this purpose. It aims to provide up to 95% of Neova Sigorta’s customers with competitive rates. 

The insurer has chosen SAS Dynamic Actuarial Modelling, a solution that integrates AI in premium modelling for general and life insurers, to drive its pricing transformation.  

By implementing the right pricing policy, similar partnerships have shown potential sales increases of up to 15% and a reduction in the combined ratio by 10% for insurers. 

The deployment phase of this initiative is anticipated to take six to eight months.  

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Upon completion, Neova Sigorta is set to offer more attractive pricing to both new and existing customers, which is likely to enhance its market share in new regions and improve renewal rates in regional ones. 

Neova Sigorta CEO and board member Neslihan Neciboğlu said: “In our business, we always prioritise customer comfort and satisfaction above all else, and we know that affordable premiums are one of the main factors that contribute to customer happiness and retention. 

“We also appreciated that SAS’ solution capabilities can be extended to other critical functions such as next best offer generation and insurance fraud detection, aiming to improve customer experience and reduce prices even further.” 

SAS Turkiye & Central Asia general manager Rasim Eğri said: “As insurers – and the financial services sector at large – invest in AI, they want to see quantifiable profitability and tangible benefits for customers. This use case demonstrates the abundant possibilities that await as industry moves into the AI-powered future. Neova Sigorta is blazing a trail for insurance innovation.”