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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.
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.
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
In my 30 years of experience in the industry, I have seen several great advances in claims processing, but nothing as exciting as AI.
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.
Becoming an AI-driven business requires contributions from your entire workforce. While the transformation takes time, several tactics can begin democratizing AI now.
Whereas COVID-19 has essentially altered the longer term workforce, instruments like AI assist get it again on monitor.
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.
From transport networks to utility companies, insurance for AIs could unlock huge benefits for industry and consumers alike
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.
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.
The move AI 2.0 is being driven by five areas of AI advancement, according to a new report from analyst firm Forrester.
Recently, a group of U.S. senators wrote a letter urging the Equal Employment Opportunity Commission to address employers’ use of Artificial Intelligence (AI), machine learning, and other hiring technologies that might result in discrimination.
Farmers Edge Inc., a firm that uses artificial intelligence to help growers boost crop yields, is seeking to raise about C$100 million ($79 million) in an initial public offering to strengthen its finances and repay debt.
Onboarding legitimate customers are getting complicated with every passing day since fraudsters are coming up with better ways to terrorize different industries. Hence, KYC requirements are becoming stringent across the world. For onboarding, a secure clientele base, robust identity verification is essential for businesses.
Amazon.com has revealed plans to install AI-powered video cameras in its branded delivery vans, in a move that the world’s largest e-commerce firm says would improve safety of both drivers and the communities in which they deliver.
The US-based small business insurtech reached a $200 million gross written premium run rate by the end of 2020, from $100 million last February, per PR Newswire.
Customer experience and customer service are the holy grail of businesses. And yet, CX in insurance is often lagging behind. The customer-facing leg has been digitized, but the issuance operations and internal processing leg are still old-school.
“AI will be life-changing for insurance companies and consumers alike, raising the question of how regulators can ensure that models and algorithms and machine learning don’t simply scale-up the bad practices of the past,” writes Andrew Mais, commissioner of the Connecticut Insurance Department.
Covid-19 has caused consumer interest in protection products to rise significantly, while insurers have had to respond quickly, and rapidly gear up for home-working.
Cybersecurity insurance startup At-Bay has raised $34 million in its Series C round, the company announced Tuesday.
It’s safe to say we have our physician, babysitter, personal trainer and dog walker on speed dial. But it’s unlikely that the average auto insurance customer knows the right number to call to reach their carrier in the chaotic moments following an accident.
Artificial intelligence technologies are everywhere. The great leap forward in AI over the past decade has come along with an explosion of new tech companies, AI deployment across almost every industry sector, and AI capabilities behind the scenes in billions of intelligent devices around the world. What does all of this mean for the personal lines insurance sector?
“AI could contribute to the global economy by 2030, more than the current output of China and India combined.”
It’s almost inevitable. Spend your working life identifying, analysing, quantifying and ascribing monetary value to risk, and you’re likely to have a fairly strong aversion to it. Or more accurately, an aversion to undertaking new endeavours with inadequately understood consequences. The insurance industry is, on any number of levels, the very definition of risk-averse
A job description with “acquire AI superpowers” might appeal to millennials more than “study policy footnotes and calculate claim reserves.”
Artificial intelligence is changing the pace at which CIOs can achieve an enviable position on their leadership teams.
Mind Foundry, an Artificial Intelligence (AI) company that spun out of the University of Oxford’s Machine Learning Research Group (MLRG), today announced it has raised an additional $13.6 million in Series A funding.
Existing and prospective customers now expect prompt, appropriate answers via the channel of their choice, or they may look to your competitors. For insurance carriers,
Property and casualty insurer MS&AD Insurance Group Holdings will adopt Tractable’s artificial intelligence (AI) solution across Japan in a bid to fast-track auto claims and
Arturo, the leading provider of AI-powered residential and commercial property insights and predictive analytics, today announced the delivery of nearly 9M AI generated property characteristics
New developments in AI could spur a massive democratization of access to services and work opportunities, improving the lives of millions of people around the
Artificial intelligence technologies are everywhere. The great leap forward in AI over the past decade has come along with an explosion of new tech companies,
Banks, insurance companies, asset managers and other industry players need to rethink how they approach financial risk management. Every year, financial crime becomes more sophisticated,
Many interactions between businesses hinge on the ability for one party to provide a proof of insurance to the other. For example, delivering commercial shipments,
Aon plc, a leading global professional services firm providing a broad range of risk, retirement and health solutions, has announced it is collaborating with Athenium
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