Many insurers are investing in AI beyond MLwhich is one of its subfield. Opportunities range from an enhanced Customer Experience (reduced cycle time, personalized advisors through chatbots, fast track Claims management), to productivity efficiency, pricing sophistication, churn risk anticipation and accurate Fraud detection patterns. Insurers can either build internal capabilities, partner with start-ups on these fields or do both to accelerate time to market impacts. AI is a great enabler. Nevertheless, the right balance between human contacts and AI is key.
Alexa, ask Excalibur Insurance for a car insurance quote. That possibility is just around the corner, as Wawanesa Mutual Insurance Company announced Thursday that it had opened an Innovation Outpost lab in Kitchener, Ont. that will connect customers with brokers through voice technology. One of the first projects out of the lab is a new interactive technology using an Amazon Alexa voice skill to connect Wawanesa customers to their brokers for an auto or home insurance quote. Jeff Roy, CEO of brokerage Excalibur Insurance Group, helped to spearhead the work with ProNavigator (which provides an insurance AI-powered virtual assistant). The brokerage will be the first going to market with the new technology, which will then be launched on other brokerages' websites in the future.
After a hugely successful two days in 2017, Insurance Nexus are delighted to announce that our Insurance Analytics Canada Summit will be returning to Toronto in 2018, September 25-26, at the Westin Prince Hotel. Written by insurance carriers, for insurance carriers, Insurance Analytics Canada is Canada's largest analytics summit and the only conference to focus exclusively on new strategies for embedding AI and advanced analytics in insurance. Over 300 C-level attendees will learn from the experts on how to seamlessly integrate new technologies alongside legacy systems, and how AI and advanced analytics canaccelerate underwriting, fast-track claims and ultimately, make their organization stand out in a hugely competitive insurance market. Specifically tailored to the Canadian insurance market, Insurance Analytics Canada will feature multiple tracks, each focusing on salient issues identified by Canadian insurers. Confirmed speakers include Desjardins' Senior Vice President of State Farm, Barbara Bellissimo, who will cut through the hype to discuss the realistic benefits and applications of AI, as well as Intact's Vice President and Chief Data Officer, Jean-François Lessard and Anne Foat, Global Digital Transformation Officer at Sun Life Financial.
The appeal of artificial intelligence across many industries is impossible to deny. But it may come as a surprise to hear that the insurance industry -- typically perceived by outsiders to be one of the more decidedly unsexy industries today -- outspends 12 other major industries when it comes to investing in AI. According to the Global Trends Study 2017, insurance invests an average of $124 million per company in this alluring technology. That's $54 million more than the average across all industries surveyed. Global insurance giant QBE, for one, invested earlier this year in a machine learning company called HyperScience -- and that's not even the first AI investment it's made.
The insurance industry is one of the oldest and most critical industries in the world. 'Trust' is the most important currency in this industry and hence insurance was always a people-intensive industry. Whether it is an agent who sells policies or surveyor who assesses claims, insurance companies always had to rely on people to build customer trust. A large part of claim assessment is to monitor'fraud claims' – and until recently, the only way to assess claims was to manually investigate on a case by case basis. With the advent of technology, there is a big disruption coming to the insurance industry.
MS Amlin has enlisted the help of artificial intelligence (AI) firm Cytora to enhance its commercial underwriting performance and drive premium growth. Announcing the partnership, the global (re)insurer said it will use Cytora's technology to improve processes and power open market underwriting. Cytora, through its Risk Engine API integration with Acturis, will also facilitate better risk selection and pricing in MS Amlin's small- and medium-sized enterprises automated trading book by providing risk scores. "AI technology is transforming the way insurers do business," noted Dr Paul Taffinder, director of strategy & innovation at MS Amlin. "This new and exciting partnership with Cytora is a testament to MS Amlin's commitment to digital innovation and the use of smart technology, further cementing our position as an insurer of the future."
Artificial intelligence has the potential to save lives and give us better, faster, more personalised information. Surely we should welcome its advance with open arms? Or are there more sinister overtones to the march of AI? Should we be worried? If you have bought anything off Amazon recently you will have experienced an artificial intelligence algorithm at work. This is what you looked at recently, so you are obviously interested in buying it: this is what people with a similar profile to you have bought.
The insurance industry is facing an identity crisis. Known for its ability to pool risks, it is now experiencing a fresh onslaught of challenges that demands insurers to take risks on new IT paradigms. The most obvious is regulations. Regulators are becoming more demanding and clinical. New rules like GDPR are increasing the compliance load.
The applications of image analytics are endless. Organizations are starting to realize the possibilities of how to extract value from unstructured data, such as images or video footage, to create a new and enticing customer experience within retail, entertainment, transportation and airport security, insurance claims, and more. Here are five image analytics applications that are unexpected, disruptive, and creative. On June 26th, I'll be talking about image analytics use cases at the Boston Area SAS Users Group in my Image Processing: Seeing the World through the Eyes of SAS Viya talk. Curious to know who attended the Royal Wedding?
Over the last couple years, we have noticed a steady rise in industries bridging the gap in understanding the inner workings of chatbots, AI and Machine Learning and the business value proposition these technologies bring in. By identifying feasible and valuable applications of Artificial Intelligence, organizations across multiple domains have seen considerable growth. For instance, Google has managed to reduce energy usage of its data center by 15% through its DeepMind AI technology which assists in predicting the incoming computational load and adjusting its power consumption patterns. Most notably, Tesla reported a 40% drop in road accidents with a new AI feature deployed in its cars, compared to models without the feature. With more than 85% of customer interactions predicted to be managed without a human by 2020, the evident business value of Artificial Intelligence is attracting the attention of decision makers regardless of industry.