Lumiata Healthcare Underwriting Models Wins Prestigious IAAI Deployed Application Award
Pioneering Paper on AI Actuarial Models Will Be Presented as Part of the Highly Innovative Applications of AI Track at the Thirty-Third Annual Conference on Innovative Applications of Artificial Intelligence (Iaai-21)
Lumiata has won the prestigious Deployed Application Award for its paper Accurate and Interpretable Machine Learning for Transparent Pricing of Health Insurance Plans authored by the Lumiata data science team. The award recognizes deployed applications of AI with measurable benefits and emerging areas of AI technology and applications.
The study focused on a sequence of two Lumiata models to predict the annual per member per month allowed amount for employer groups, based on over 12 million patients. The Lumiata models performed 20% better than the existing pricing model and identified 84% of concession opportunities. This study demonstrates applying a machine learning system to compute an accurate and fair price for health insurance products. It analyzes how explainable machine learning models can exceed actuarial models’ predictive accuracy.
Recommended AI News: LTE and 5G Wireless Standards Continue to Evolve with Each New 3GPP Release
“We’ve been laser-focused on building AI models and tools to improve our customers’ ability to predict costs and risk,” said Rohun Kshirsagar, Senior Director for Data Science at Lumiata and first author on the paper, “this award validates the innovative approach and solutions we’ve developed.”
A team of the authors will present the paper as part of the Highly Innovative Applications of AI track at the Thirty-Third Annual Conference on Innovative Applications of Artificial Intelligence (IAAI-21), which is a program within the Thirty-Fifth AAAI Conference on Artificial Intelligence, one of the top three AI conferences. The conference is virtual and takes place on February 2-9, 2021.
“Lumiata’s mission is to democratize AI in healthcare,” said Dilawar Syed, CEO of Lumiata. “Working with an early customer, our team has developed a truly innovative approach that not only delivers on this mission but reinforces Lumiata’s position as an innovative thought leader in predictive AI for all healthcare companies.”
Recommended AI News: Neustar Announces Additions to Executive Leadership Team