Connect with us

Technology

Neova Sigorta to transform insurance pricing with AI

Published

2 years ago

on

Insurer will modernize and grow its customer base with machine learning-based premium pricing, ensuring fairness and transparency with SAS; Sade Software and Consultancy to implement

CARY, N.C., Dec. 16, 2024 /PRNewswire/ — Turkish insurer Neova Sigorta, in collaboration with data and AI company SAS and SAS Partner Sade Software & Consultancy, has launched an initiative to offer better auto insurance premium prices to up to 95% of its customers. The project, among the first of its kind in the Turkish market, will use artificial intelligence in the form of advanced machine learning (ML) to optimize how it prices auto insurance. This advancement is projected to save Neova Sigorta’s customers money – and decrease overhead costs for the insurer.

“Neova Sigorta has launched an initiative to offer better auto insurance premium prices to up to 95% of its customers.”

Neova Sigorta selected SAS® Dynamic Actuarial Modeling, a pricing solution with AI-based premium modeling for general and life insurers, as its platform of choice for its transformation. Software and consultancy firm Sade Yazılım will be the initiative’s integrator.

Similar collaborations between SAS and SADE demonstrated that the right pricing policy can increase sales up to 15% and decrease the insurer’s combined ratio by 10%.

The deployment, expected to last between six and eight months, will help Neova Sigorta offer more appealing prices to new and existing customers. It is also expected to significantly increase market share in new regions and bolster renewal rates in established regions.

“In our business, we always prioritize customer comfort and satisfaction above all else, and we know that affordable premiums are one of the main factors that contribute to customer happiness and retention,” said Neslihan Neciboğlu, Neova Sigorta CEO and board member. “We’re thrilled to work with SAS and SADE on this project that will make our customers even more satisfied with the Neova brand.

“We evaluated several platforms to implement this project. SAS Dynamic Actuarial Modeling was the most comprehensive platform, allowing us to train, deploy and automatically monitor the performance of high-accuracy machine learning models. We also appreciated that SAS’ solution capabilities can be extended to other critical functions such as next best offer generation and insurance fraud detection, aiming to improve customer experience and reduce prices even further.”

“Since the establishment of SADE, our work in the insurance sector has been one of our focus areas, and we’ve implemented many projects for fraud detection, data quality and other use cases in the Turkish market,” said Deniz Çelik, SADE co-founder. “The machine learning-based pricing project with Neova Sigorta and SAS is of special importance to us, as it is one of the first and finest examples in the region.

“Neova Sigorta truly understands the importance of AI and ML, and the company’s knowledge and vision put them ahead of many players in the market and in the underwriting field.”

Polishing premium pricing with AI
Auto insurance pricing has historically been based on generalized linear models (GLM). Although these models have good interpretability – performance is predictable and easily explained – the accuracy of estimates tends to be limited, ultimately resulting in higher prices and lower sales.

In addition, limited sample sizes and risk assessment policies significantly deteriorate the quality of the data used to train GLMs, which can cause errors and introduce bias.

Looking to modernize, Neova Sigorta will switch to an alternative approach based on sophisticated ML algorithms to price its auto offerings.

Unlike GLMs, machine learning algorithms do not make any assumptions about the properties of the data the models are using. These algorithms also consider more variables that define customer behavior and are designed to extract more granular patterns in the data. Therefore, ML algorithms produce much more accurate – and realistic – results.

“Fair, accurate and timely insurance policy pricing is a necessity for insurers in all markets,” said Stu Bradley, Senior Vice President of Risk, Fraud and Compliance Solutions. “Consumers often look for more affordable insurance options amid inflation and other economic turbulence. If insurers can’t offer competitive pricing, they risk losing customers to the competition – and agents often follow when they can’t achieve their goals. This can severely damage an insurer in mere months.

“Switching to a modern, machine learning-based approach with real-time decisioning capabilities will greatly improve an insurer’s bottom line. As important, is built-in model governance. Making these decisions in a trustworthy and transparent way is critical to ensuring satisfied customers.”

“As insurers – and the financial services sector at large – invest in AI, they want to see quantifiable profitability and tangible benefits for customers,” added Rasim Eğri, General Manager of SAS Turkiye & Central Asia. “This use case demonstrates the abundant possibilities that await as industry moves into the AI-powered future. Neova Sigorta is blazing a trail for insurance innovation.”

Learn more about SAS Dynamic Actuarial Modeling at sas.com/actuarial.

About SAS
SAS is a global leader in data and AI. With SAS software and industry-specific solutions, organizations transform data into trusted decisions. SAS gives you THE POWER TO KNOW®.

SAS and all other SAS Institute Inc. product or service names are registered trademarks or trademarks of SAS Institute Inc. in the USA and other countries. ® indicates USA registration. Other brand and product names are trademarks of their respective companies. Copyright © 2024 SAS Institute Inc. All rights reserved.

Editorial Contact:
Julia Norton
julia.norton@sas.com
919-531-4661
www.sas.com/news

View original content to download multimedia:https://www.prnewswire.com/news-releases/neova-sigorta-to-transform-insurance-pricing-with-ai-302331471.html

SOURCE SAS

Related Topics:
Continue Reading

Technology

Wulcea Elevates Consumer Trust in Heated Apparel Through Multi-National Safety Certifications and Rigorous Technical Testing

Published

1 hour ago

on

October 31, 2026

By

NEW YORK, Oct. 31, 2026 /PRNewswire/ — As smart heated clothing gains broader adoption, consumers are paying closer attention to the safety and reliability of the technology behind these products. Wulcea, a brand specializing in graphene-powered heated apparel, combines its flexible GrapheneNano™ heating technology with documented safety compliance and durability testing for its heating components and battery systems.

“Trust in smart heated apparel goes beyond warmth—it comes down to confidence in battery safety and heating element reliability,” said John C, Founder of Wulcea. “Our goal is to give users peace of mind through certified technical standards.”

Advanced Graphene Heating Elements Supported by Global Standards

At the core of Wulcea’s thermal architecture is its GrapheneNano™ heating technology. Engineered to eliminate garment stiffness, Wulcea integrates flexible graphene elements that deliver balanced warmth across key upper-body zones while preserving natural garment drape and full freedom of movement.

Wulcea supports its heating components with applicable compliance documentation for major markets. These include CE and FCC compliance documentation addressing relevant electrical and electromagnetic compatibility requirements, as well as PSE compliance for applicable products in Japan. RoHS compliance further addresses restrictions on specified hazardous substances in applicable electrical and electronic components.

Multi-Certified Battery System for Dependable Power

To power its heating elements, Wulcea pairs its heated apparel with rechargeable battery systems designed for convenient everyday use. Featuring a compact design and housed in dedicated interior pockets, the batteries provide portable power while maintaining a streamlined garment profile and comfortable fit.

Wulcea backs its battery options with comprehensive third-party accreditations. UL certification demonstrates that the battery system has been evaluated against recognized power bank safety requirements, covering key areas such as overcharge protection, short-circuit protection, and thermal safety. The battery systems are also supported by applicable CE and FCC compliance documentation, addressing relevant regulatory requirements for electrical and electromagnetic compatibility.

For daily handling and travel, RoHS compliance validates that the battery system meets stringent global standards for material safety. The battery models have also undergone applicable UN 38.3 testing, supporting compliance with international requirements for lithium battery transportation.

Real-World Durability and Practical Usability

Component compliance forms Wulcea’s foundation, but reliability is defined by real-world performance. Built for high-flex endurance, Wulcea’s flexible graphene heating elements are tested through 10,000 active flexing cycles to maintain steady thermal output through repeated bending and everyday body movement.

Everyday convenience is equally essential. Built for hassle-free care, Wulcea’s heating elements withstand 100 machine-wash cycles under standard care guidelines, maintaining internal conductivity and structural stability under repeated laundering.

Integrated NTC temperature sensors provide thermal monitoring and are designed to stop heating if temperatures exceed 131°F (55°C). Combined with runtime of up to 10 hours on the low setting and a discreet interior control button, these features support practical everyday use in cold-weather conditions.

Aligning Technical Standards with Everyday Warmth

By combining graphene-based heating technology with documented battery safety compliance and durability testing, Wulcea continues to focus on the technical foundations of dependable heated apparel. This approach reflects the brand’s emphasis on bringing together safety considerations, practical functionality, and everyday comfort for cold-weather use.

View original content to download multimedia:https://www.prnewswire.com/news-releases/wulcea-elevates-consumer-trust-in-heated-apparel-through-multi-national-safety-certifications-and-rigorous-technical-testing-302925554.html

SOURCE Wulcea

Continue Reading

Technology

NIDS Co., Ltd. Confirms CES 2027 Participation, Pursues Expansion of Global Supply Chain for Environmental Sensors

Published

1 hour ago

on

October 31, 2026

By

Company introduced optical and gas sensors at SEDEX and is strengthening its composite sensor business for robotics, home appliances, automotive, and smart building applications

SEOUL, South Korea, Oct. 31, 2026 /PRNewswire/ — Environmental sensor manufacturer NIDS Co., Ltd. has confirmed its participation in CES 2027 and is moving to expand its global business-to-business (B2B) supply chain. Building on its experience supplying sensors to domestic and international home appliance and automotive companies, the company aims to secure overseas customers and extend its applications into smart building HVAC and robotics.

NIDS recently participated in the Korea Semiconductor Industry Association’s Sensor Pavilion at SEDEX 2026, held at COEX in Seoul, where it introduced its next-generation sensor modules. The company said the exhibition allowed it to raise awareness of its technology among domestic home appliance and electronic component industry professionals and to lay the groundwork for collaboration in the sensor field.

The company will use CES 2027 as its next stage. NIDS plans to firm up discussions on sensor module supply with global home appliance makers, HVAC specialists, and robotics companies. It aims to extend the industry contacts gained at the domestic exhibition overseas and to convert product introductions into actual supply opportunities.

Founded in 2000, NIDS develops and manufactures environmental sensors and air quality management solutions. According to the company, it has supplied more than 10 million sensors cumulatively to domestic and international companies, including Dyson, Samsung Electronics, and Hyundai Motor. Drawing on this supply track record, the company intends to showcase its precision sensing technology and mass-production capabilities to overseas customers.

Its main products include particulate matter sensors, optical gas sensors based on non-dispersive infrared (NDIR) technology, composite environmental sensors, and electronic nose sensor modules. The particulate matter sensors measure PM1.0, PM2.5, and PM10, while the gas sensor lineup targets carbon dioxide (CO₂), carbon monoxide (CO), and other gases. The electronic nose is used for detecting everyday odors, gas leaks, and fires. The company said it designs the core components required for air quality measurement in-house and has a system in place to mass-produce 5 million units annually.

The area where NIDS will expand development and supply going forward is next-generation composite sensor modules. The company has been pursuing a sensor business that responds to industry-specific demand in home appliances, automotive, and smart building HVAC, and is now concentrating its capabilities on markets such as robotics, industrial safety, and odor detection based on this technology. Building on its experience supplying individual components, NIDS plans to continue developing and supplying, on a B2B basis, modules that handle multiple types of environmental data.

The company will also highlight its sensor product lineup and its newly developed ultra-compact MEMS sensor technology at the exhibition. NIDS plans to introduce its optical and gas sensor lineup along with examples of their application in actual air quality management systems. By explaining both the measurement functions of its components and its experience operating sensors for finished-product services, the company aims to broaden the scope of partnership discussions.

NIDS explained that, because it owns its precision sensors, it can control sensor sensitivity and tune algorithms to suit the system in which they are applied. Drawing on this technical operating experience, the company plans to pursue partnerships with customers and to promote its business capabilities extending from sensor components to air quality and odor management and industrial safety management.

NIDS will also leverage its existing branch network in its overseas market development. Through its overseas bases in the United States, Japan, and China, the company plans to widen its touchpoints with buyers and seek new supply opportunities in conjunction with its CES participation. Its goal is to generate export results by combining exhibition participation with its local networks.

The company intends to keep expanding the global supply of sensor components as a core pillar of its business. Building on the supply experience accumulated in home appliances and automotive, it will broaden its partners to robotics, HVAC, and smart buildings, and respond to industry-specific air quality measurement demand through the development of next-generation modules.

“We plan to continue expanding the development and B2B supply of next-generation composite sensor modules needed across a range of industries, including home appliances, automotive, and smart building HVAC,” NIDS said.

View original content to download multimedia:https://www.prnewswire.com/news-releases/nids-co-ltd-confirms-ces-2027-participation-pursues-expansion-of-global-supply-chain-for-environmental-sensors-302925577.html

SOURCE NIDS Co., Ltd.

Continue Reading

Technology

Towards Buddha Co., Ltd. and ICP DAS Showcase iTLC Intelligent Traffic Control Solutions at APTA 2026 in Chicago

Published

2 hours ago

on

October 31, 2026

By

Advancing smart intersection technologies and expanding international market opportunities through strategic collaboration

CHICAGO, Oct. 31, 2026 /PRNewswire/ — Towards Buddha Co., Ltd., an overseas distributor of the iTLC Intelligent Traffic Control System, joined its technology partner ICP DAS at APTA 2026 TRANSform & EXPO in Chicago, USA, to showcase the iTLC-9000 Series and its applications in intelligent traffic management.

The exhibition highlighted innovative traffic control technologies designed to support reliable, secure, and integrated smart intersection operations, while providing opportunities to connect with international transportation professionals and explore emerging market needs.

Innovative Traffic Control Solutions

Under the theme “Innovative Traffic Control System,” the exhibition featured the iTLC-9000 Series, highlighting four key capabilities: modular and redundant design, secure networking, traffic signal integration, and active alert systems.

These technologies are designed to support system reliability, communication security, and efficient traffic infrastructure management, addressing the evolving requirements of modern intelligent transportation systems.

As cities worldwide continue to modernize transportation infrastructure, integrated and adaptable traffic control solutions are becoming increasingly important for smart intersection development.

Strengthening International Market Connections

As an overseas distributor of iTLC solutions, Towards Buddha Co., Ltd. plays an important role in connecting traffic control technologies with international markets.

During APTA 2026, Towards Buddha Co., Ltd. and ICP DAS engaged with transportation professionals, system integrators, and industry representatives to introduce iTLC technologies, exchange industry insights, and explore potential business opportunities.

“APTA 2026 provided a valuable platform to connect with the global transportation industry,” said a representative of Towards Buddha Co., Ltd. “Together with ICP DAS, we look forward to expanding international awareness of iTLC solutions and developing new opportunities in intelligent traffic control.”

Looking Ahead

Building on its participation at APTA 2026, Towards Buddha Co., Ltd. will continue collaborating with ICP DAS to promote iTLC solutions, strengthen international partnerships, and explore new opportunities in the global intelligent transportation market.

About Towards Buddha Co., Ltd.

Towards Buddha Co., Ltd. is an overseas distributor of the iTLC Intelligent Traffic Control System, focused on international market development and connecting advanced traffic control technologies with transportation industry needs.

Media Contact

Towards Buddha Co., Ltd.
Contact: Michael Chen
Email: Towardsbuddhaincorporation@gmail.com
Website: https://www.towardsbuddha.com 

SOURCE Towards Buddha Co., Ltd.

Continue Reading

Trending