Nect has pioneered the Robo-Ident inside the German Insurance Industry. This new category of Identity Verification Systems is a Video-Ident based on Artificial Intelligence instead of human Call Center Agents. This leads to the clear benefit of zero waiting times for users, while providing the highest level of assurance in the customers identity. Both is essential for the new digital era of Insurances, as it increases the conversion rate and happiness factor of digital users. Nect managed to build the first no-wait identity verification, fulfilling all regulatory needs of insurance companies.
Nigel Cade, managing director of The Insurance Claims Service Centre, explained to Insurance Business the innovative ways in which Artificial Intelligence (AI) can be used to help detect and prevent fraudulent claims, but also that a'fraud fighting culture' needs to be present to properly utilise the software. "There is often a zero-tolerance policy, but not necessarily a fraud fighting culture in place," Cade explained. "I don't think that the industry is yet to deal that well with fraud at all." Cade spoke to Insurance Business in anticipation of his presentation on the topic at the TechFest in May. Fraud, he said, was still a pressing issue that the insurance industry must grapple with. "It's huge – it's a huge problem still," he said.
There are four main types of data breaches that advances in machine learning can help thwart. Although we hear a lot about major cybersecurity breaches in non-insurance organizations – Target, Experian, the IRS, etc. – there have been breaches in the insurance industry, too, albeit less publicized. Nationwide faces a $5 million fine from a breach back in 2012. Horizon Blue Cross Blue Shield is still the defendant in a class action suit over a 2013 breach that affected 800,000 of its insured. As hard as organizations try to secure their data and systems, hackers continue to become more sophisticated in their methods of breaching.
Whilst there are many people that associate AI with sci-fi novels and films, its reputation as an antagonist to fictional dystopic worlds is now becoming a thing of the past, as the technology becomes more and more integrated into our everyday lives. AI technologies have become increasingly more present in our daily lives, not just with Alexa's in the home, but also throughout businesses everywhere, disrupting a variety of different industries with often tremendous results. The technology has helped to streamline even the most mundane of tasks whilst having a breath-taking impact on a company's efficiency and productivity. However, AI has not only transformed administrative processes and freed up more time for companies, it has also contributed to some ground-breaking moments in business, being a must-have for many in order to keep up with the competition. In order to understand how this technology is transforming the world of business, it's first important to understand what AI actually is.
Australia's extended and disastrous bushfire season has brought into sharp relief the high economic and personal cost of climate change. That economic impact is increasingly recognised around the world as a major business risk. In California, for instance, it led to what is now referred to as the first climate change bankruptcy: the failure of Gas and Electric. The company was brought low by litigation after its equipment was blamed for the Californian wildfires. It is not the only example.
Plenty of people have a pet project that they are drawn to or consider themselves particularly good at. As the leader of the data science department at Trupanion in Seattle, David Jaw's projects are actually around pets. Jaw, GeekWire's latest Geek of the Week, uses artificial intelligence and machine learning to help automate medical insurance claims for pets, streamlining the process and removing the worry about what's covered and what's not. Born and raised in a suburb near Toronto, Jaw's family moved to Albuquerque, N.M., when he was 13 years old. He stayed there through college, where he studied mechanical engineering, pursuing a childhood dream of designing airplanes and spaceships.
To celebrate India's rising startups, Inc42 is profiling a new soonicorn every Friday in the Inc42 UpNext: Unicorns Of Tomorrow series. For the next few months, we will be speaking to founders and cofounders at these potential unicorns and shining light on their journeys and growth stories. We begin the series with a look at insurance tech startup RenewBuy. "Our differentiated approach has enabled us to be efficient and productive in a short span and we are confident of being profitable by 2021. We want to be present in every nook and corner of the country."
The following is an opinion piece written by Carlos Somohano from WHISHWORKS who shares his insights into how big data can bring benefits to insurers, and to the sector as a whole. The views expressed within the article are not necessarily reflective of those of Insurance Business. Big data has the power to revolutionise any industry and it is certainly changing the world of Insurance; improving processes and offerings for providers and making it more accessible, accurate and affordable for consumers. Brokers and insurers are having to quickly adapt to an evolving marketplace where technology and data proliferation are radically transforming back end operations and customer facing tasks. The idea of open data, where anyone can access, use and share certain information is increasingly embraced by governments, industry bodies and businesses, revolutionising the way markets operate.
New York-based Cherre real estate data and analytics platform announced it has raised $16 million in growth funding. Including this round of funding, Cherre has raised a total of $25 million. Intel Capital led the funding round. Navitas Capital, Carthona Capital, Zigg Capital, Dreamit Ventures, and Silicon Valley Bank (new growth debt relationship) also participated in the round. Cherre's artificial intelligence platform empowers large enterprises, insurance companies, banks, and investors with a platform to instantly collect, augment, resolve, and analyze datasets in real-time from hundreds of thousands of public, private, and internal sources.