H2O.ai > Case Studies > AI Improves Overall Business Relationships for Jewelers Mutual

AI Improves Overall Business Relationships for Jewelers Mutual

Company Size

1,000+

Region

America

Country

Canada
United States

Product

H2O-3 open source
H2O Driverless AI

Tech Stack

Google Cloud Platform
Microsoft Azure
Gradient Boosting Machine
AutoML

Implementation Scale

Enterprise-wide Deployment

Impact Metrics

Cost Savings
Customer Satisfaction

Technology Category

Analytics & Modeling - Predictive Analytics
Platform as a Service (PaaS) - Data Management Platforms

Applicable Industries

Retail

Applicable Functions

Business Operation
Sales & Marketing

Use Cases

Predictive Maintenance

Services

Data Science Services
System Integration

About The Customer

Jewelers Mutual is one of the United States’ and Canada’s most established and trusted providers of affordable and comprehensive insurance for jewelers and consumers. As a leader in driving customer-focused innovation and providing the latest technology to a long-standing industry, Jewelers Mutual uses H2O-3 open source and H2O Driverless AI to deliver exceptional customer experiences, prevent losses, and provide better protection and policies for both jewelers and consumers. The H2O.ai platforms have helped the company build unique models and recalibrate its rating systems based on the additional customer data generated, making its insurance rates more competitive.

The Challenge

Jewelers Mutual, a leading provider of insurance for jewelers and consumers in the United States and Canada, recognized the need to invest in analytics, AI, and machine learning to improve overall customer experiences. Their business relies on effectively protecting their jeweler customers’ businesses and providing personal insurance directly to consumers with innovative customer experiences. They collected data from losses, customers, and multiple other sources which weren’t tapped into before. They started their AI journey a few years ago by implementing Gradient Boosting Machine, and then moving to an AutoML solution from DataRobot. However, they realized that they needed greater transparency of a solution and needed to have an explainable AI component.

The Solution

After evaluating multiple solutions, Jewelers Mutual determined that H2O Driverless AI offered the right level of transparency, and had the advanced capability to explain and understand their models, with machine learning interpretability. Their first deployed model helped commercial underwriters understand their customers better and provided the reason codes as to why decisions were made using the machine learning interpretability capability. These insights then were made available through a web app to the underwriters. The interpretability and explainability of Driverless AI was instrumental in convincing the business stakeholders and also in making their own data scientists understand the algorithms better. They also found the H2O.ai community very helpful through the journey. Lastly, they found that deploying models using Driverless AI’s automatic deployment capability (MOJOs) made their data science efforts faster and easier.

Operational Impact

Jewelers Mutual has been able to offer more competitive jewelry protection insurance rates to its customers.
AI insights are leading to some interesting outcomes such as during recent California wildfires and power outages, the Jewelers Mutual team was able to identify Jewelers that would need additional physical security personnel to protect their properties and inventory.
The success that Jewelers Mutual has seen in adopting Driverless AI in their business is a testament to the fact that regulated industries can achieve real competitive advantage using AI.