Chinese enterprises increased patent filings for artificial intelligence products rapidly in the past couple of years. The companies holding the most active AI and machine learning patent families are now tech giant Tencent and search engine provider Baidu, ahead of U.S. firm IBM, South Korea's Samsung, Chinese insurance provider Ping An and former AI patent leader Microsoft. The latter company has been seeing one of its major AI investments come to fruition recently, as conversational AI bot ChatGPT by Microsoft partner OpenAI has been making waves. Microsoft swiftly announced another round of funding for OpenAI, rumored to be to the tune of $10 billion. As this chart based on the LexisNexis PatentSight directory shows, Tencent and Baidu became the largest patent owners in machine learning and AI in 2021, each holding more than 9,000 active patent families.
The use of artificial intelligence (AI) in the insurance industry to improve the efficiency and accuracy of risk assessment and management. The insurance market is embracing the use of AI to enhance its operations and better serve its customers. From underwriting to claims processing, AI-powered solutions are being developed to streamline and automate various insurance processes. These solutions are expected to improve the accuracy and speed of risk assessment and management, leading to reduced costs and improved customer experiences. Drivers: Increasing adoption of digital technologies, rising demand for personalized insurance products, and the need to improve operational efficiency are some of the key drivers of the AI in insurance market.
The COVID-19 pandemic has brought home how much people value the human touch, in our business relationships with colleagues and clients almost as much as with family and friends. And this is as true in the premium finance industry as it is anywhere. It's always been a people business, but with anxiety and uncertainty all around, face-to-face meetings an impossibility and spikes in call volumes it's become more important than ever to provide a human connection between companies, brokers, and end users. Never has good communication and customer service been so valued. During this time the pandemic has accelerated digital transformation across the insurance industry. Paradoxically it is technology can meet some of the challenges of providing a human connection, at scale.
In order to gain a better understanding of the background to this problem, let us first introduce some fundamental knowledge about machine learning. Compared with traditional programming, one major difference is that the reasoning behind the algorithm's decision-making is not defined by hard-coded rules which were explicitly programmed by a human, but it is rather learned by example data: thousands, sometimes millions of parameters get optimised without human intervention to finally capture a generalised pattern of the data. The resulting model allows to make predictions on new, unseen data with high accuracy. To illustrate the concept, let's consider a sample scenario about fraud detection in insurance claims. Verifying the legitimacy of an insurance claim is essential to prevent abuse.
Cloverleaf Analytics, the leading provider of Insurance Intelligence solutions, today announced that Michael Schwabrow has joined the company as EVP of Sales and Marketing. Reporting to Cloverleaf President Robert Clark, Schwabrow will be responsible for Cloverleaf's go-to-market strategy and for cultivating relationships with insurers to maximize the value of Cloverleaf's Insurance Intelligence platform which includes Business Intelligence (BI), Artificial Intelligence (AI)/Machine Learning (ML), Natural Language Processing (NLP), and other technologies. Schwabrow has a long track record of collaborating with carriers and MGAs to attain meaningful digital transformation with immediate and long-term business results. With Cloverleaf, he will help carriers and MGAs to understand and unleash the real-world value of Insurance Intelligence across core business operations. "The insurance industry is like a big family, and our community is at a critical juncture for how to make smarter and more efficient decisions to reduce risk, improve product offerings, and strengthen the overall health of carrier books of business," said Schwabrow.
As we welcome the new year, it's natural to reflect on the year that passed and look ahead to the challenges and opportunities that lie ahead, and more specifically how new technologies might impact the insurance industry. As always, we must separate the signal from the noise. For many, artificial intelligence is a perennial buzzword, but paradoxically, it appears the technology is largely still in its infancy in the insurance industry, and especially in the home insurance space. Regulators and insurers alike are understandably grappling with challenges created by the lack of model explainability, presenting challenges for the widespread use of AI to directly evaluate and price risk for homeowners insurance in the near future. Instead, major technological innovation in homeowners insurance in the coming year will likely come from solutions and tools designed to improve the ingestion and processing of data in ways that positively impact the consumer experience throughout their homeownership journey.
All segmentation provided above in this report is represented at country level and can be customized according to needs. All products covered in the market, product volume and average selling prices will be included as customizable options which may incur no or minimal additional cost (depends on customization).
Amplify Health, a healthtech joint venture between AIA Group and Discovery Group, has acquired Singapore-based AI solutions provider AiDA Technologies. AiDA was founded in 2016 by Dr Tan Geok Leng, Dr Shonali Krishnaswamy, and a team of data scientists from the InfoComm Research Institute (I2R), A*STAR (Agency for Science, Technology and Research). The firm has developed a suite of proprietary machine learning technologies, used to automate underwriting, claims processing, and detect fraud, waste and abuse. The solutions enable companies to use data better to accelerate processes, increase revenue, drive cost reductions and anticipate evolving risk. AiDA's technologies complement Amplify Health's healthtech solutions for integrated digital health programmes to manage chronic disease and private medical insurance (PMI) product development capabilities.
Did you know that about 10% of all insurance payouts are flowing directly into the pockets of fraudsters? The future of insurance starts with Decisions Made Better. Shift Technology harnesses the power of AI to enable the world's leading insurance organizations to make better decisions. Our products automate and optimize decisions from underwriting to claims, resulting in increased operational efficiency, reduced costs, and superior customer experiences for millions of people around the globe. Our culture is built on innovation, trust, and a drive to transform the insurance industry by imagining and innovating solutions that impact insurers and their customers - like you!
The arrival of Artificial Intelligence in the business world has been a true game changer. Thanks to AI, businesses can now make more informed and strategic decisions, boost their efficiency, reduce costs and improve customer service. AI could be the answer if you're looking to take your business to the next level. But before you jump in headfirst, it's essential to assess whether your business is ready for AI. Here we look at the signs that your business is ready for AI solutions, including data collection and storage requirements, staff training needs, and cost implications. Artificial Intelligence (AI) is a term used to describe the development of robust computer systems that can think and react like a human, possessing the ability to learn, analyze, adapt and make decisions based on the available data.