The Danish Insurance Company, GF Forsikring, Positions to Take the Lead with AI, Scaling Their Data Science Team and AI Initiatives Supported by 2021.AI
2021.AI is working with GF Forsikring, a leading Danish insurance provider, to deliver an AI platform to support GF Forsikring’s AI strategy to provide new and improved services to their members. The first AI model is ready to go into production in Q1 2021.
- GF Forsikring, a leading Danish insurance company, is working with 2021.AI to implement AI across their organization and scale their data science team.
- The first AI model will deliver yearly savings of 10M DKK and substantial process improvements including reducing manual labor time.
- The upcoming models will focus on improving customer service as well as the claims handling process ensuring that the AI benefits are passed on to serve the customer at the highest level.
As a member-owned company, GF Forsikring is proud that the idea of profit-sharing is proving more viable than ever. More than 300,000 members annually receive a share of the profits in GF Forsikring. As part of its commitment to continuously improving business performance and delivering more value for its members, GF Forsikring has a clear ambition to improve efficiency and reduce risks and costs by using the latest technology; AI is an excellent example of this.
According to Gartner, only 53% of AI projects make it from prototypes to production, which means most companies lack the tools and technical infrastructure to implement AI projects at scale. A robust and enterprise-wide AI platform is a viable solution to this problem. Knowing this, GF Forsikring has a clear ambition to be a leader within practical AI implementation and responsible use of technology. GF Forsikring has partnered with 2021.AI to establish the foundation with the Grace Enterprise AI Platform to deliver on these ambitions.
Technology and Talent are Core Differentiators for GF Forsikring
Through the collaboration with 2021.AI, GF Forsikring has already developed the first AI model, representing a strong business case delivering yearly savings of 10M DKK and substantial process improvements including reducing manual labor time. This is only the beginning of GF Forsikring's AI-journey. With Grace, GF Forsikring can also offer their data science team a state-of-the-art development platform with all the latest open source technologies dominating the AI market. For GF Forsikring, this is an essential part of the message when recruiting talent for their growing data science team.
Another deciding factor for choosing Grace is the platform’s support for Governance, Risk & Compliance (GRC) for AI. For GF Forsikring and all companies with AI ambitions, it is crucial to comply with the new AI and data legislation, regulations, and internal guidelines.
"As an insurance company, we embrace AI as a natural development in our long tradition of working with data. However, we have to do so without falling into the trap of endless it-development. It is key that our data scientists have sufficient time to deliver business results which is why we have chosen Grace as our AI platform. Grace gives us access to well-proven industry-standard components in both cloud and on-premise environments," says CEO of GF Forsikring, Jan Parner.
The First Models Go into Production in Q1 2021
In addition to a fraud detection model, additional models are in development and will be in production during Q1 2021. The upcoming models will focus on improving customer service as well as the claims handling process ensuring that the AI benefits are passed on to serve the customer at the highest level.
Björn Preuss, Sr. Lead Data Scientist, 2021.AI elaborates: “In GF Forsikring, with their ambitions for their data science team and AI in general, we see a client operating at the forefront of the insurance industry. We look forward to working with the team as they begin to leverage the Grace platform to deliver production-ready AI models across their business."
About GF Forsikring
GF Forsikring is a member-owned insurance company with more than 300,000 members. Every year we share the profits, and since the start in 1967, it has become more than 3 billion DKK for the members. GF Forsikring also has some of the most satisfied members in the industry. We have more than 600 skilled and committed employees around the country to thank for that.
2021.AI serves the growing enterprise need for full management and oversight of applied AI. Our data science expertise, combined with the Grace Enterprise AI Platform, offers a true AI differentiator for clients and partners worldwide. Grace helps data scientists solve some of the most complex business problems while also providing organizations with the most comprehensive data and AI Governance capability for responsible, transparent, and trustworthy model development. 2021.AI is headquartered in Copenhagen, with employees in 5 locations globally.
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