Artificial Digital Actuary

Ada

Meet our

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We are proud to announce the world's first Artificial Digital Actuary!

We are very proud and excited to announce the release of Ada. Our Artificial Digital Actuary. This is a huge accomplishment for Mulberry and something long-awaited in the insurance market.

Mulberry Risk are the first to see the potential of computing to advance actuarial and data analytics for MGAs, and to implement this. Ada is the world's first digital actuary, enabling you to access actuarial and data science modelling skills via our client portal, Mulberry Connect.

We use artificial intelligence to manage our data processes and deliver modelling insights. 
Ada allows us to scale and deliver extremely fast service to our clients at a cost our competitors cannot match.

We have named our Artificial Digital Actuary in honour of Ada Lovelace and thought it fitting to launch it on the anniversary of her birthday - 10th December 1815. Ada Lovelace was an English mathematician and was known for her work on the Analytical Engine (Charles Babbage's general-purpose computer). The machine had applications greater than just calculation, and she was the first to see this and published the first algorithm to be used by this type of machine.

She is often considered the first computer programmer.

 

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Data

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Multi-source automated ingestion

Multi-format data ingestion: Excel, CSV, Text, JSON, XML, PDF

Data traceable back to original source; at a row level

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Modelling

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High-speed, scalable data connection and modelling

No risk of data loss/erroneous manipulation

Multiple model variations can be run, saved and loaded concurrently

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Impact

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With the use of AI the speed and efficiency of data collection and modelling is increased, enabling Mulberry to increase the frequency of reporting

Ultimately Mulberry will be able to monitor its risks in real time, giving it visibility over problems and opportunities as they emerge

ADA will be able to analyse portfolios to identify less profitable segments and make informed recommendations to improve overall performance

Benefits for the MGA

Ensure current capacity providers consider you a leading MGA, through performance, data and compliance.

​Keep and secure capacity ensuring your MGA maintains its resale value. Without capacity, an MGA is almost worthless.

​Get data and track record into a leading position, creating appetite within the market to write your capacity.

Benefits for Insurers

Confidence of underlying data

       
 

Projection of ULRs and tracking against target

      
 

Regular ULR forecasts supported by frequent AvE realisations.


 

Near real time performance information

Ada aims to reduce both the delay and friction in managing MGA performance reports framework.

Ada will cleanse bordeaux data and the quality of data for actuarial modelling.


 

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Key Performance Areas

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1

Underwriting Performance

KPIs of current underwriting year
RARC
Loss ratio (Attr, Large, Cat)
Freq/severity analysis
Renewal retention
New business win ratios
Limits
Excess
Capacity deployed
Targets set by portfolio business plan

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2

Catastrophe modelling – versus Cat load
Aggregations versus limits
Realistic disaster scenarios across portfolio
Large loss data
ENIDs
Targets set by portfolio business plan

Exposure Management

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3

Reserving (prior year)
Performance

Actual versus expected development
Prior year ULRs
Trends
Held versus modelled best estimates
Impact on current year bridging/onleveling

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4

Claims Reporting

Reserve adequacy/redundancy
Static claims
Recoveries
Cat claims
Nil reserved claims
Large claim updates (new, movements)

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5

Performance by binder
Performance by carrier (across binders)
Capacity risk rating
Capacity deployed

Capital Management

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Why a Chameleon I hear you ask?

Chameleons have the largest magnification of any vertebrate. This gives you a 360-degree magnified view of your data and looks for risks in your business. Each eye of the Chameleon can pivot and focus independently characterised in Ada by observing different pieces of data simultaneously.

Chameleons can
change colour to communicate, much like our visual representation of data.

Chameleons are also full of character. Just like us! 

The Chameleon Who Came To The Market

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Written by David Hughes
 

Click me
to read!