Slice Mind Products Designed to Predict Insurance Risk and Make Recommendations
Slice Labs Inc., the insurance engine leading tomorrow’s cloud-based, on-demand digital services ecosystems, announced Slice Mind, a new business unit of Slice, powered by an insight engine to help companies with personalization, experimentation, simulations, predictions, risk modeling, and product recommendations. Slice Mind combines AI, machine learning and behavioral psychology into an engine that transforms data insights into actions in order to deliver real business value and advantage for companies looking to future-proof themselves.
“Technology and data without an understanding of the mind will only take us so far. The combination is powerful. Slice Mind is ready to meet that challenge.”
A May 2018 Celent report, Digitizing the Customer Experience: A New Framework, mentions the importance of effective use of data. Data is more readily available than ever and can be used to drive a personalized relationship with customers. However, coordinating data across multiple channels, combining internal and external data to deliver a personalized transaction and continually engaging with the customer in meaningful ways require digital capabilities.
Slice Mind provides companies with actionable recommendations that will help protect and grow their business through simulations, predictions, experiments, nudging and personalization. Available to both Slice Insurance Cloud Services (ICS) users and the general public, Slice Mind will enable companies and their customers be better protected against risk due to its ability to predict potential claims, among other capabilities.
Tim Attia, Slice co-founder and CEO, said, “A big part of Slice ICS is the data analytics, scoring and machine learning that drives our underwriting and claims. The feedback we’ve received from customers tells us there is an increasing need for carriers to effectively use data to predict risk. We want to allow carriers to focus on developing new and innovative products, so we’re launching Slice Mind to help them make smart decisions and solve the industry’s seemingly impossible problems based on the data insights and predictive analytics the tools provide.”
Max H. Bazerman, the Jesse Isidor Straus Professor of Business Administration at the Harvard Business School and the co-founder and inaugural co-chair of the Behavioral Insights Group at Harvard University said, “Technology and data without an understanding of the mind will only take us so far. The combination is powerful. Slice Mind is ready to meet that challenge.”