Neova Sigorta transforms insurance pricing with SAS and AI
Turkish insurer Neova Sigorta has launched an initiative to offer better auto insurance premium prices to up to 95% of its customers. This development is projected to save Neova Sigorta’s customers money – and decrease overhead costs for the insurer. The first of its kind in the Turkish market, the service will use advanced machine learning (ML) to optimise how it prices auto insurance. Neova Sigorta selected SAS Dynamic Actuarial Modeling, a pricing solution with AI-based premium modelling for general and life insurers, as its platform of choice for its transformation. Software and consultancy firm Sade Software & Consultancy (Sade Yazılım), an SAS partner, will be the initiative’s integrator. The deployment, expected to last between six and eight months, will help Neova Sigorta offer more appealing prices to new and existing customers. It is also expected to significantly increase market share in new regions and bolster renewal rates in established regions. Similar c...