May 3rd, 2021
EPIK Systems, a product incubation service provider with a focus on building artificial intelligence (AI) solutions in Financial Services, has announced the successful deployment of an AI/ML Proof-of-Concept (POC) for the benefit plan quoting process within the Limelight insurance platform.
Employee benefits insurers spend a significant amount of time and resources tailoring product offerings to the specific needs of their customers. They are looking for ways to leverage emergent data and analytics solutions to predict these needs, shifting focus toward activities that increase their success rates and profitability.
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Epik worked with AWS ISV Accelerate and Limelight Health to increase the accuracy and fully automate the plan selection process. "We used 300,000 quotes taken over four years, augmented with data derived from the US census, such as median household income and population density, to train our models," according to Alan Leard, Chief Technology Officer at Limelight." Depending on the complexity for any given customer, the efficiency gains reduced processing time from what could take days to seconds."
Developed using AI/ML software development tools including CatBoost, an open-source gradient boosting library, Sagemaker managed notebooks, MLFlow, S3, and FastAPI, the POC has evolved into a framework for rapid testing and deployment of future AI solutions. "By leveraging Epik's industry-leading AI approach, we were able to establish AI practices and algorithms that allowed the project to move from an AI concept to a deliverable product feature in under three months," said Frank Colson, Epik CTO.
Epik is helping SaaS providers like Limelight Heatlth realize the potential from AI investment to turn the data essential to their health insurance carrier customers, into meaningful insights and automation, optimized experiences, and the ability to offer the right product to the right customer at the right time.
Epik works with both startups looking to bring about a market revolution and established companies with innovation initiatives exploring new technologies to change the game. We provide the AI, Blockchain, and Edge technology skills to accelerate software development, alongside the domain expertise to help design, deploy, and deliver products across the success finish line. Learn more at http://www.epik.ai.
Limelight Health is a leading provider of cloud-based enterprise software solutions delivering the most efficient quoting, rating, and underwriting solutions for employee benefits insurers. The company provides process automation and seamless integration for new business acquisition, including product management, broker self-service, risk management, and sales enablement.
Limelight Health's innovative suite offers highly configurable no-code and low-code solutions for intake, quoting, rating, and underwriting. The API-first and cloud-native architecture provide seamless integration and data exchange for enrollment and case installation, data analysis and reporting, and support for legacy systems. Limelight Health has a remote-first workforce with headquarters in San Francisco, California, and an office in Redding, California. Learn more at www.limelighthealth.com.