SAN MATEO, Calif., Nov. 19, 2020 /PRNewswire/ — Lumiata has won the prestigious Deployed Application Award for its paper Accurate and Interpretable Machine Learning for Transparent Pricing of Health Insurance Plans authored by the Lumiata data science team. The award recognizes deployed applications of AI with measurable benefits and emerging areas of AI technology and applications.
The study focused on a sequence of two Lumiata models to predict the annual per member per month allowed amount for employer groups, based on over 12 million patients. The Lumiata models performed 20% better than the existing pricing model and identified 84% of concession opportunities. This study demonstrates applying a machine learning system to compute an accurate and fair price for health insurance products. It analyzes how explainable machine learning models can exceed actuarial models’ predictive accuracy.
“We’ve been laser-focused on building AI models and tools to improve our customers’ ability to predict costs and risk,” said Rohun Kshirsagar, Senior Director for Data Science at Lumiata and first author on the paper, “this award validates the innovative approach and solutions we’ve developed.”
A team of the authors will present the paper as part of the Highly Innovative Applications of AI track at the Thirty-Third Annual Conference on Innovative Applications of Artificial Intelligence (IAAI-21), which is a program within the Thirty-Fifth AAAI Conference on Artificial Intelligence, one of the top three AI conferences. The conference is virtual and takes place on February 2-9, 2021.
“Lumiata’s mission is to democratize AI in healthcare,” said Dilawar Syed, CEO of Lumiata. “Working with an early customer, our team has developed a truly innovative approach that not only delivers on this mission but reinforces Lumiata’s position as an innovative thought leader in predictive AI for all healthcare companies.”
Lumiata is transforming the healthcare enterprise through the application of AI. Bringing predictive power within reach of data science teams and business users, we’re driving predictability and precision at scale — empowering providers and payers to reduce risk and manage costs and move out of reliance on flat data into a future of insights for core business functions.
Lumiata data science productivity tools and pre-trained models comprise a scalable platform purpose-built for healthcare. Lumiata products are built from more than 120 million patient records, in-depth clinical knowledge, and its proprietary clinical IP. Lumiata enables healthcare organizations to explore use cases such as underwriting and care management. Lumiata is proud to be backed by Blue Venture Fund and Khosla Ventures. Team Lumiata is distributed across Silicon Valley, Dallas, and Guadalajara, Mexico.
Jessica McCarthy, VP of Marketing