Logical Glue, the cloud-based software company that helps the financial services and insurance industry reduce risk and increase profits with insightful and faster data-driven decisions, has closed a major private investment from UK entrepreneur Tom Singh. The investment will allow Logical Glue to expand its cloud-based machine learning and statistical modelling platform, further developing its patented “white box” decision-making engine and data visualisation tools.
Logical Glue is a trusted partner to financial service companies large and small, from lending to insurance. It helps businesses reduce risk, increase profits and deliver a better customer experience, with fast time to value. Logical Glue is helping Lenders increase acceptance rates by 40 per cent, increase profits by typically 5-20 per cent, decrease default rates by 15 per cent and increase recovery collection rates for debt collectors by 18 per cent. In addition, it has reduced manual interventions for underwriters twenty-fold.
Tom Singh OBE, the founder of fashion retailer New Look and a leading UK entrepreneur, has invested in Logical Glue. Tom says: “Logical Glue provides a straightforward and accessible Machine Learning platform for Lenders and insurance providers, delivering faster and more accurate decisions that will underpin increased productivity and profitability. Logical Glue really bridges the gap between data science and the boardroom. Fast, accurate and automated decisions based on data have a place within many industries, from retail through to finance.”
Logical Glue’s Machine Learning platform is becoming the go-to platform for data scientists and business users alike. For data scientists, the platform is an intuitive solution that dramatically cuts down the time to build highly accurate predictive models. It also provides essential tools to rapidly hypothesise and test modelling sensitivities. For business users, it is the graphical interface, providing straightforward visualisation of complex data relationships. It allows a deeper understanding of business outcomes and the classification of data between important influencers and noise that has little impact on outcomes.
Logical Glue’s platform is the first code-free platform that can build three different types of predictive models for making better decisions: neural networks, logistic regression and fuzzy logic models. In a few minutes, advanced solutions can be created which enhance insight, accuracy and flexibility on existing predictive models. Models can easily be integrated into existing platforms and data workflows using Logical Glue’s API, allowing models to be deployed to production far quicker than the norm.
Daniel McPherson, co-Founder at Logical Glue, comments: “Logical Glue is delivering the Machine Learning platform of the future – a platform that will make a significant difference to financial services organisations and beyond by delivering better, faster decisions and providing the consumer with the best customer experience.”