Oakland Insurance has partnered with Machine Learning Programs to implement its predictive AI enrichment model, MLP Score.

MLP Score is the latest addition to the portfolio of MLP, which is part of the Open GI Group. Aimed specifically at the motor market, MLP Score is designed to give insurers, MGAs and delegated authority underwriters the ability to predict an insurance risk’s propensity to claim within the next 12 months.

Available at point of quote, the service returns a score on a risk-by-risk basis via its pre-trained production model that is constantly retrained with the latest market data. Paul Matthews, CEO at Northern Ireland broker Oakland Insurance, said: “We are delighted to be partnering with MLP. A deciding factor for us proved to be the retro facility the MLP team offered us initially. It involved conducting a retrospective analysis against two-years of our historic data and known outcomes and running it through the MLP Score model.

“This process demonstrated to us first-hand how it could improve our loss ratios and ultimately translate into a significant cost saving on claims for the business. There is no doubt that the additional enrichment and insight will be crucial for us moving forward, so we can continue to price fairly, accurately and profitably.”

Damian Baxter, CEO at MLP, added: “There has been a definite acceleration in the awareness of AI and machine learning across the wider GI industry, but the way companies embrace the role each play is still in its infancy, so it’s been fantastic to see how quickly Oakland have gone from the initial retro in November to penning the deal in January to go-live five days later.”