April 18th, 2019
Building Blocks’ solution was acclaimed by leading Dutch financial platform AM:web
Data science and machine learning expert, Building Blocks, has been rewarded with the NVGA am: Innovation award, one of the most prestigious awards in the Dutch insurance branche. With this award Building Blocks is proclaimed as the most innovative solution provider for the Dutch underwriters market. Building Blocks enables companies in the insurance and underwriters market to predict customer behaviour using data science and machine learning.
The Data Driven Underwriting solution of Building Blocks helps underwriters to set accurate individual competitive premiums and enables them steer on combined ratio and volume and take back the control over their portfolio performances. This becomes even more important since the P&C insurance policies have difficulty making a profit due to the digitization and the price war they have with competitors.
Data is key to this solution. Historical data is used to predict how the price of insurance premiums effects risk and combined ratio. Next to that it allows insurers to accurately estimate their position in the market. The needs of the individual customer are at the heart of this solution. What do they want and what does an insurance company need to do to keep control over their portfolio? For some customers this will mean a personal discount for example.
Building Blocks is a fast growing company in the Netherlands, which is priced for its expertise in data science and the use of machine learning in their solutions. They use historical data to predict customer behaviour and empower insurance companies, retailers and brands to perfectly act on their customers’ needs. The data science company is specialised in the insurance market and provides solution for customers like Intrasurance and Nationale Nederlanden. Building Blocks was founded in 2013 by Alexander van Eerden and Merwin de Jongh.
Alexander van Eerden, CEO Building Blocks: “We are very excited to announce that we received the NVGA am: Innovation award. It shows that we are pushing the limits of the opportunities that lie in front of the modern insurer by creating innovative solutions that really make an impact on the core business of the insurer. This award makes us even more motivated to keep looking for innovative steps in data science in the future.”
The NVGA am: Innovation awards were founded three years ago. The award was brought to life in an effort to stimulate the innovations for underwriters and to make them enthusiastic about the numerous possibilities of technology in their field of work. Each year five companies are in the running for the award. An independent jury selects the winner. The other nominees this year were Solera (with Visual Intelligence Solution), Infofolio (with Adresscan 360 Managementmonitor), Deck (with a ‘all-in-one insurance’) and Perfect Day (with Perfect Day Cyber Security).