AXA Korea’s New Pilot Project
Two-year-old Korean startup Solidware, which provides a machine learning-based data mining solution to allow insurers to screen new customers, has managed to get the attention of AXA Korea , aka the Korean version of the French insurer. Axa is reportedly integrating Solidware’s solution called DAVinCI LABS into its system to cluster and in turn screen new customers. According to founder and CEO Olivier Duchenne the current risk management solutions of financial firms look into just a dozen information categories when selling insurance or lending money, such as a type of job, age, and marital status, while there are thousands of different datasets available to make an accurate forecast for who will likely go bankrupt or be in arrears. The case for what gets measured gets managed.