We regularly curate the latest news and insights to create the largest platform for knowledge-sharing and development within the world’s insurance industry.
Artificial intelligence and machine learning are driving what McKinsey calls a “seismic, tech-driven shift” in the insurance industry. But even as insurtech companies find new ways to enable intelligent customer experiences, they must also become rigorous in applying what Gartner research calls “AI TRiSM” to achieve business success while avoiding AI’s pitfalls.
Insurance companies have relied on data for as long as insurance has existed. Today’s insurers use big data from myriad sources to underwrite more accurately, price risk and create incentives for risk reduction.
The firming reinsurance market creates a significant opportunity for reinsurers to achieve faster growth.
Ready or not, artificial intelligence is here. Disruption from COVID-19 has increased reliance on digital technology, ramping up the speed at which data is generated.
Commercial insurance is big business. The global commercial insurance market was valued at $692.33 billion in 2020 and is projected to reach $1.6 trillion billion by 2030, according to Allied Market Research.
Artificial intelligence is becoming an increasingly important tool for commercial insurers, but ethical concerns remain.
Integrated Solution Leverages Intelligence of Gradient AI’s Vast Dataset of Policies and Claims with Socotra’s Powerful Core Platform.
Clara Analytics Inc. on Wednesday announced it will partner with Nationwide Mutual Insurance Co. to provide artificial intelligence technology in the commercial insurance industry for a new program aimed at improving workers compensation claims operations.
For some corporations, using an outside partner to weave new technology into their operations can take months of planning and execution.
Insurance technology brings in more innovative solutions for homeowners and insurers with artificial intelligence (AI).
Artificial intelligence (AI) has taken a life of its own within the realm of insurance. With enhanced automation and analytic capabilities, the industry is able to take innovation and efficiency to new heights.
Greater Than (GREAT.ST), the insurtech using AI for pricing insurance based on real-time analyses of drivers’ accident probability, has in partnership with the Tryg A/S now tailored Tryg Sidekick to include electric vehicles.
The industry is on the verge of a seismic, tech-driven shift. A focus on four areas can position carriers to embrace this change.
Zurich Insurance Group agreed to acquire Estonia-based company AlphaChat, which provides conversational artificial intelligence (AI) technology for customer service automation, to further enhance the group’s digital capabilities.
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.
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.
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.
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.
Thanks to four trends, AI can improve efficiency and cycle time and meet policyholder expectations for a streamlined, digital auto claims experience.
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 insurance platform NOW has announced a partnership with Hiscox on medical malpractice insurance policies for health care professionals on its direct-to-consumer marketplace.
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.
In today’s webinar we discussed the possibilities of digital product development, and how a flexible mindset within teams can drive dynamic, flexible products.
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 (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 has warned the life insurance industry does not realise the full impact artificial intelligence (AI) will have on the sector.
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.
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.
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.
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.
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.
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.
Companies now have the opportunity to provide personalized, on-demand products to protect clients — without over-insuring them with unneeded policies.
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 enables insurance providers to offer insurance to a wider range of people and can help create new products for agents to sell.
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.
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 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 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 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.
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.
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.
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.
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 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.
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.
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.
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.
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 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.
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.
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.
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.
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.
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.
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.
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.
Insurance company Aon has entered into a strategic alliance with Zesty.ai in a move it says will “revolutionise underwriting”.
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, 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.
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.
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.
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.
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 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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