Before the A.C.A., data brokers bought data from pharmacies and sold it to insurance companies, which would then deny coverage based on prescription histories. Future uses of data in insurance will not be so straightforward. As machine learning works its way into more and more decisions about who gets coverage and what it costs, discrimination becomes harder to spot. Part of the problem is the automatic deference that society has so often given to technology, as though artificial intelligence is unerring. But the other problem is that artificial intelligence is known to reproduce biases that aren't explicitly coded into it.
The new world of marketing is personalized, contextualized, and dynamic. Increasingly, this world is orchestrated not by outside parties but by chief marketing officers partnering with their technology organizations to bring control of the human experience back in-house. Together, CMOs and CIOs are building an arsenal of experience-focused marketing tools that are powered by emerging technology. Their goal is to transform marketing from a customer acquisition-focused activity to one that enables a superb human experience, grounded in data. In experiential marketing, companies treat each customer as an individual by understanding their preferences and behaviors. Analytics and cognitive capabilities illuminate the context of customers' needs and desires, and determine the optimal way to engage with them. Experience-management tools tailor content and identify the best method of delivery across physical and digital touchpoints, bringing us closer to truly unique engagement with each and every human. Imagine a world in which a brand knows who you are and what you want, and can deliver the product, service, or experience that best suits your needs seamlessly and in real time, across physical or digital channels. Marketing technology is undergoing a renaissance. Channel-focused solutions such as websites, social and mobile platforms, content management tools, and search engine optimization are fast becoming yesterday's news. As part of the growing beyond marketing trend, organizations are adopting a new generation of martech systems that deliver unprecedented levels of customer intimacy, targeted engagement, and precision impact.
Amazon's digital assistant could soon do more than just turn on your lights or tell you the weather. The e-commerce giant has signaled a major leap into healthcare for Alexa, by rolling out an invite-only program for developers to create their own skills around health and medicine. It would allow users to ask Alexa to book a doctor's appointment, find an urgent care center and check for updates on prescription refills. Amazon's digital assistant could soon do more than just turn on your lights or tell you the weather. Amazon, which launched the program on Thursday, said the skills are all compliant with the federal Health Insurance Portability and Accountability Act, which ensures that personal health care information is protected.
Amazon may be known as the "everything store," but the company's tendrils extend far beyond ecommerce. On Thursday, Amazon said Alexa-enabled devices can now handle customers' sensitive medical data, and it teased the release of a new kit that would allow approved outside developers to build Alexa skills that access users' private health information, paving the way for the voice assistant to play a bigger role in health care. With the announcement came the release of new skills giving Alexa the ability to relay and store blood sugar measurements from internet-connected monitoring devices, help schedule doctors' appointments, pass on post-op instructions from hospitals, and provide prescription delivery updates by securely accessing customers' private medical information. As part of the announcement, Amazon said it had committed to protect personal health information according to the federal Health Insurance Portability and Accountability Act, or HIPAA, which protects the privacy of medical records. Alexa's health and wellness team had been working to obtain HIPAA compliance for months.
Amazon's AI-enabled digital assistant Alexa is adding to its Skills repertoire with a handful of HIPAA-compliant healthcare services. The e-commerce giant announced on Thursday that it's partnered with six companies, including healthcare providers, to offer a series of Alexa Skills that allow users to consult their digital assistant with a range of health-focused inquiries. The new skills are part of an invite-only program that Amazon said allows only select covered entities and business associates subject to HIPAA (the U.S. Health Insurance Portability and Accountability Act of 1996) to create specialized skills for healthcare-related services. For its part, Amazon is providing the HIPAA-eligible environment in which the skills are built -- and the company will most certainly use this environment to add more healthcare-related skills over time. The corporate partnerships announced today are with prescription delivery provider Express Scripts; Cigna Health Today, a wellness incentive program for Cigna healthcare customers; ERAS, a children's post-op recovery program operated by Boston Children's Hospital; two urgent care locator services, one by Providence St.
Welcome to the future of insurance, as seen through the eyes of Scott, a customer in the year 2030. Upon hopping into the arriving car, Scott decides he wants to drive today and moves the car into "active" mode. Scott's personal assistant maps out a potential route and shares it with his mobility insurer, which immediately responds with an alternate route that has a much lower likelihood of accidents and auto damage as well as the calculated adjustment to his monthly premium. Scott's assistant notifies him that his mobility insurance premium will increase by 4 to 8 percent based on the route he selects and the volume and distribution of other cars on the road. It also alerts him that his life insurance policy, which is now priced on a "pay-as-you-live" basis, will increase by 2 percent for this quarter. The additional amounts are automatically debited from his bank account. When Scott pulls into his destination's parking lot, his car bumps into one of several parking signs.
Artificial intelligence is your new insurance claims agent. For years, insurance companies have used "InsurTech" AI to underwrite risk. But until recently, the use of AI in claims handling was only theoretical. The advent of AI claims handling creates new risks for policyholders, but it also creates new opportunities for resourceful policyholders to uncover bad faith and encourage insurers to live up to their side of the insurance contract.Most readers are familiar with Lemonade, the InsurTech start-up that boasts a three-second AI claims review process. However, as noted in a Law360 article last year, Lemonade deferred any potential claim denials for human review, so the prospect of AI bad faith is still untested.
TechSee, the leaders in intelligent visual engagement, are pleased to present a new eBook. It explores the computer vision advantage in insurance, especially in terms of claims processing. Artificial intelligence is already deeply embedded in insurance processes. A 2017 study reports that the insurance industry has invested $124 million in AI, compared to an average of $70 million invested by other industries. According to McKinsey's Insurance 2030 Report, the new wave of deep learning techniques will help the insurance sector shift from its current state of "detect and repair" to "predict and prevent."
We're into our second year of publishing a "Global AI Race" series of articles on artificial intelligence startups from around the world and it continues to pose a challenge. We use an objective measure of "total funding taken in so far" and that excludes any firms that choose not to disclose funding or are bootstrapped. We search for various categorizations like "artificial intelligence" or "deep learning" and that means we'll miss any firms that haven't chosen those categories in their Crunchbase profile. But the ones we worry about the most are those firms that we might include in one of our "top AI startups" lists that don't actually do AI. It's a huge problem, and one that was highlighted recently by a European venture capital firm, MMC Ventures, that surveyed 2,830 startups in Europe that were classified as being AI companies and found out that 44% of these companies were incorrectly classified as being "AI startups."
Amongst the major challenges that come up when discussing how to implement artificial intelligence, and any type of advanced analytics, into insurance processes is the issue of how it will impact on employees and skills. Is AI a string of code, a process, a department, a way of thinking, or a part of the product design and delivery? How does it fit into the concept of the lifetime value of the customer? Where should it sit in an insurance company? Looking around at recent developments, the technology has reached a point where there is a lot of exploration with a certain amount of hype, and just a few examples of real machine learning going into services.