Artificial Intelligence
We regularly curate the latest insights and reports provided by and in collaboration with our partners and stakeholders to create the largest platform for knowledge-sharing and development within the world’s insurance industry.
Lemonade acquires Metromile to boost automotive offering
Metromile’s auto insurance offerings are informed by a decade’s worth of data, which should improve the quality of the newly-introduced product, Lemonade Car.
May AI underwrite you?
According to McKinsey, 22 percent of cross-industry enterprises already attribute 5 percent+ of their EBIT to AI. And HBR estimates that AI will add $13 trillion to the global economy over the next decade.
3 ways to streamline your document processing with AI
While Artificial Intelligence (AI) has gained traction with enterprises in other industries, insurance providers have been slower to adopt. In 2016, research by Deloitte noted that less than 2 percent of insurance companies were currently investing in artificial intelligence technologies.
AI risks increase as cover struggles to keep up
The insurance industry is in the early stages of understanding artificial intelligence (AI) algorithmic risks but there are widespread repercussions from technology failures, a white paper produced by Zurich and Microsoft says.
AI and Its Impact on Automotive Claims by Olivier Baudoux
Thanks to four trends, AI can improve efficiency and cycle time and meet policyholder expectations for a streamlined, digital auto claims experience.
What does the ‘Amazon’ of insurance look like?
Today we spoke with Apollo’s Jeff McCann and Berkley Canada’s Alexandra Spence about what the ‘Amazon’ insurance experience could look like – from embedded insurance to platform ecosystems, distribution is fundamentally changing.
AI enabled NOW Insurance partners with Hiscox
AI-enabled insurance platform NOW has announced a partnership with Hiscox on medical malpractice insurance policies for health care professionals on its direct-to-consumer marketplace.
How automation can drive business imperatives in the insurance industry
Automation brings in efficiency, better distribution, reduced overhead and lower latency. Therefore, routine tasks around claims processing, servicing, mail centre management, present enormous opportunities for automation.
How to build truly flexible insurance products
In today’s webinar we discussed the possibilities of digital product development, and how a flexible mindset within teams can drive dynamic, flexible products.
Digitization, Automation, AI Define Role of Human Agents in Insurance Industry
The digitization of the insurance industry is inevitable but human interaction is still an essential part of the process. Paul Ford, CEO of insurance platform Traffk, explains how the companies that will succeed are those that use data and automation to develop better products and help their agents become advisors.
Greater Than’s AI revolutionize motor insurance underwriting
Greater Than (GREAT), the AI data analytics provider, is taking motor underwriting into a new era. The company’s AI unlocks future cost for accidents per driver, thus providing a time advantage of 12 to 18 months’ over traditional risk models. A time advantage that fundamentally changes how motor risk proactively will be mitigated, managed, and priced.
McKinsey warns life insurance is blind to power of AI
McKinsey has warned the life insurance industry does not realise the full impact artificial intelligence (AI) will have on the sector.
How AI Plays Into the Future of Risk Management
Risk analysts have always relied on data to guide decisions toward strong growth potential and away from high-risk strategies. This used to be a fairly linear process, but now that up to 90% of our data is unstructured, information is not only difficult to organize into digestible formats but also produced in volumes that go beyond the capabilities of human analysts aided by conventional data systems.
How automated claims can revolutionise customer and insurer experience
In our latest webinar, we discussed how automation in the claims process can improve customer experience, optimise the efficiency of claims and make insurers’ lives easier.
AI-driven customer experience: Smart move for life insurers
Life insurers that invest in artificial intelligence (AI) can improve the customer experience by making it more personalized and data-driven. With AI, carriers can profitably attract and retain customers with new “pay-as-you-live” products and services that reward consumers’ healthy habits.
insurtech talk with Kamet’s Stéphane Guinet: How to get your insurtech noticed by VCs
This week Stéphane Guinet, founder and CEO at Kamet Ventures discussed the key attributes of startups that can rise above the rest and attract major funding.
Insurtech talk with Swiss Re’s Silvi Wompa Sinclair: How reinsurers can bring their underwriting into the 21st Century
This week we spoke with Silvi Wompa Sinclair, group head of portfolio underwriting at Swiss Re Institute, on modern approaches to data, cultural shifts in reinsurance and how incumbent reinsurers can forge effective partnerships with fresh players in the space.
How to leverage data to thrive in spite of a hard market
In today’s webinar, we explored approaches to modernising underwriting, AI and machine learning solutions and how to embed data-driven solutions into the heart of insurance workflows.
How AI is shaking up the insurance world
Companies now have the opportunity to provide personalized, on-demand products to protect clients — without over-insuring them with unneeded policies.
Insurtech talk with Andy Tomlinson, chief operating officer at Cuvva: How treating customers better can fix the insurance trust problem
This week, we spoke with Andy Tomlinson, COO of Cuvva, on how customers are losing out in the current motor insurance equation, and how the industry can adapt to more discerning customer expectations.
AI will Save the Insurance Industry
AI enables insurance providers to offer insurance to a wider range of people and can help create new products for agents to sell.
Insurtech talk with Janthana Kaenprakhamroy, CEO of Tapoly: Gig insurance solutions for the gig economy
This week we spoke with Janthana Kaenprakhamroy, CEO of Tapoly, about insuring the gig economy, founding an all-digital MGA and the future of platforms in insurance.
Series A for Sprout.ai, Amazon and Zurich partner for Middle East payments service, LexisNexis report on future of claims
This morning AI solutions provider Sprout.ai have secured Series A funding from Amadeus Capital Partners, APS and Zurich are partnering on a Middle East-focussed payments solution, and LexisNexis Risk Solutions have released their 2021 Future of Claims Report.
AXA Partners and Insurance2go deal bolsters growth plans
AXA Partners has entered a new deal with mobile phone and gadget insurance provider Insurance2go – this supports the company’s growth plans within its existing brands and markets.
Christiaan Erasmus, CEO at SLVRCLD: Improving lives with automated content claims
Christiaan Erasmus explains how SLVRCLD are improving lives with automated and digitised P&C claims processes. What trends within the industry are we currently seeing, and what will the future hold?
Ernie Bray, CEO at AutoClaims Direct: Why full automation is short-sighted
Ernie Bray is passionate about technology – he understands why there is so much potential behind AI, machine learning and video estimating. But, he cautions, there is a time and a place for tech. The touchless utopia some in the industry are wishing for has downsides, too.
AI Gains Traction Across Insurance
Spending on artificial intelligence (AI) platforms in insurance will grow by almost a quarter every year out to 2024 as the industry exhibits a general willingness to innovate, analytics firm GlobalData predicts.
Insurtech and Artificial Intelligence
The rapid development of converging technologies is bringing about fundamental changes to the insurance industry. In the long term, organisations that are slow to embrace these new technologies will struggle to compete and to retain their place in the market.
Arturo Raises $25 Million in Series B Funding Round
Artificial intelligence (AI) and deep-learning property analytics company, Arturo has raised $25 million in a Series B funding round led by Atlantic Bridge Capital, with participation from RPS Ventures and existing investors Crosslink Capital and IAG Firemark Ventures.
How AI Will Enhance Identity Management in Claims
Identity management has been an obstacle for commercial insurance companies for a very long time. Many thought that problems would dissipate or at least become easier to correct by moving to digital systems, but in reality, identity management has only grown more complex. It is obvious that we need a better way.
Sapiens Partners with Atidot to Offer AI-based Predictive Insights and Personalization to Life Insurance Providers
Sapiens International Corporation, a leading global provider of software solutions for the insurance industry, announced today an agreement with Atidot, a cloud-based SaaS provider of AI and machine learning solutions for life and annuity insurers.
Tractable partners with Covéa, France’s leading auto insurer, to deploy AI
Covéa, France’s largest insurance group, is to accelerate the processing of its policyholders’ claims across its three brands – MAAF, MMA and GMF – with an AI that analyses damage to cars.
How Technology is Changing the Auto Insurance Landscape
AI, blockchain, and just an overall rise in technologies across the planet are changing the way traditional industries are doing business. The wide world of auto insurance is no exception, with disruptive technology from insurtech propelling the industry forward.
Boston Insurance Tech Startup Raises $20M, Plans New Hires
Gradient A.I.’s software-as-a-service platform uses artificial intelligence to help commercial insurers automate and improve underwriting results, reduce claim costs and improve operational efficiencies.
How AI Can Turn Insurance On Its Head by Helping Customers to Proactively Manage Their Risk
In recent years and particularly during the Covid-19 pandemic, we have started to see a rise in businesses using artificial intelligence (AI) to improve their service or products and ensure a seamless, transparent customer experience.
Zurich Cuts Property Claims Resolution Times with insurtech AI Solution
Zurich has reduced the time taken to settle property claims to under 24 hours thanks to its latest artificial intelligence (AI) solution in collaboration with insurtech Sprout.ai.
Accenture AI Expert on How First Principles Prevent Problems
As more organizations begin employing AI in production environments, it’s clear not everyone has completely thought through how AI will fundamentally change their business.
The Future of AI in Insurance
Artificial intelligence (AI) and machine learning have come a long way, both in terms of adoption across the broader technology landscape and the insurance industry specifically. That said, there is still much more territory to cover, helping integral employees like claims adjusters do their jobs better, faster and easier.
GF Forsikring, Positions to Take the Lead with AI, Scaling their Data Science Team and AI Initiatives
2021.AI is to team up 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.
Munich Re Partners with Spectrum Labs for AI Safety Systems
Global reinsurer Munich Re has entered into a partnership with Spectrum Labs in order to set a new industry standard for AI-based Trust & Safety systems.
Introducing Surevested: A Life Insurance Agency Powered by Artificial Intelligence
Life insurance is the greatest gift you can give your family and today, Survested, a new life insurance agency, is launching to make the process simple, honest, and completely transparent.
Three AI Apps Making Waves in the Insurance Industry
The rise of artificial intelligence has brought about easier and accurate handling of large digital information from various sources. Because of this various industries are adopting the technology to drive output and improve productivity. From machine learning and processing of natural languages to automation of robotic process automation, AI is dominating the digital world.
How is AI Transforming Home Healthcare
AI-based sensors can be used to track a patient’s biometrics 24/7, even while they are resting or sleeping, to track their health biometrics. Any abnormality, such as a slower heartbeat or an increase in body temperature or pulse rate, will automatically send alerts to the appropriate healthcare providers or agencies.
Aon Partners with Insurtech Startup for AI Data Underwriting
Insurance company Aon has entered into a strategic alliance with Zesty.ai in a move it says will “revolutionise underwriting”.
In Search of Trustworthy AI – is the Insurance Industry Using AI to Fairwash FICO Scores?
Does applying AI to insurance ratings and FICO scores improve fairness? The insurance industry says yes, but the data points to AI fairwashing. It’s time for a change.
Kennedys IQ Introduces AI Technology to End-To-End Portal Claim Management Solution
Kennedys IQ, the technology company from law firm Kennedys, has taken its solution for compensators to the next level by using artificial intelligence (AI) to assess medical evidence and recommend a damages figure for insurance claims in the Claims Portal.
Insurtech Startups Use AI To Create Massive Shift In Industry
Over the past 12 months, technology has entered people’s lives in new and unexpected ways with some experts saying the digital adoption we’ve experienced since March 2020 is equal to 5 years of digital gains.
AI Can Help Companies Tap New Sources of Data for Analytics
Improvements in technology have dramatically changed what enterprise analytics can do, but predictive and descriptive analytics still require time, expertise, and heaps of data, and often produce only narrow insights.
The Growing Role of AI in Hyper-Automation
A strategic approach to implementing hyper-automation would aid in crunching up the investment made for redundant tasks while summoning a driving force to initiate innovation.
AI In P&C: Real vs. Hype
In some respects AI remains more buzzword than reality, especially within insurance IT organizations, but it has begun to have a real impact on the P&C insurance value chain.
ICICI Prudential Launches AI-powered Smart Underwriting Platform
ICICI Prudential Life Insurance has launched a new automated AI-based smart underwriting technology platform called AUSIS to speed up all policy-related data verification.
Tracking The Meteoric Rise Of AI Unicorns In India
As per a report jointly released by TiE Delhi and Zinnov, the number of unicorns in India is expected to rise to 100 by 2025.
AI Adoption By Auto Insurers Grows Exponentially In 2020
CCC, an AI Leader in Insurance Technology, Reports a More Than 50 Percent Year-Over-Year Increase in the Application of Deep Learning for Claims Processing
5 Things to Know When Integrating AI by Jimmy Spears
In my 30 years of experience in the industry, I have seen several great advances in claims processing, but nothing as exciting as AI.
McKinsey: How to build AI with (and for) Everyone in your Organization
Becoming an AI-driven business requires contributions from your entire workforce. While the transformation takes time, several tactics can begin democratizing AI now.
Modern Workforce: How AI Will Define the Next Generation
Whereas COVID-19 has essentially altered the longer term workforce, instruments like AI assist get it again on monitor.
Three Best Practices for Implementing AI in Insurance
Insurers have lagged other sectors in implementing AI, leaving a gap for tech-centric firms, such as insurtechs and big techs, to disrupt the space.
How Insurance can Help Build Trust in Artificial Intelligence
From transport networks to utility companies, insurance for AIs could unlock huge benefits for industry and consumers alike
Insurance Europe Warns of AI Coverage Challenges
European insurance and reinsurance federation, Insurance Europe, has warned that changes to the existing liability framework for emerging technologies, such as artificial intelligence (AI), could result in challenging insurability issues.
Which Artificial Intelligence Applications will Flourish by 2030?
For decades, artificial intelligence has been depicted as a sinister force in science fiction. Think of HAL-9000, the main antagonist in Arthur C. Clarke’s Space Odyssey series. But while applications of AI and machine learning are indeed sophisticated and carry the potential to be dangerous, my own view is that over the course of this decade, the most frequent encounters people are going to have with these neural technologies will seem both ordinary and positive. But there is one important area of algorithmic use that will require real work.
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