Insurance


AIG & Zurich on Machine Learning in Insurance

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Machine learning and artificial intelligence has the potential to completely transform an entire insurance organization, but where and how can machine learning be practically applied by insurers? Insurance Nexus recently spoke with executive insurance leaders from AIG & Zurich Insurance to understand just that. Check out the full whitepaper, "Anything You Can Do, AI Can Do Better: Insurance Applications for Machine Learning" (1.fc-bi.com/LP Emma Sheard is Head of Strategy at Insurance Nexus (A Division of FC Business Intelligence). Insurance Nexus is part of FC Business Intelligence Ltd. FC Business Intelligence Ltd is a registered company in England and Wales.


How chatbots can settle an insurance claim in 3 seconds

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Unlike Amazon, and many other product and service providers, insurance companies have fewer opportunities to interact with customers, and those opportunities are less rewarding. Their chatbot, Maya, sells inexpensive homeowners' and renters' insurance, and their claims bot, AI Jim, makes Amazon Prime's same-day delivery look slow -- it recently settled a simple claim in three seconds. For example, by reviewing data from closed claims, machine learning algorithms can identify both straightforward claims for automatic processing and complex claims that are more likely to require human intervention. Tractable, a UK-based AI technology company, is putting machine learning to use in an interesting way.


3 Industries That Will Be Transformed By AI, Machine Learning And Big Data In The Next Decade

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Building on the idea of the AI guaranteeing your personal loan, your insurance company will also be transformed by artificial intelligence and big data. Another big change AI could see ushered in is autonomous cars. In addition, it's likely that auto ownership in general would decline; people would no longer buy cars, but buy 24/7 access to a car. In this case, the auto insurance industry loses millions of customers, with only a few large corporations that rent the cars to insure.


AI: Move over FinTech - InsurTech is here and its got bots

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With insurance, you never get a reward, there's just a cost," says Filiippo Sanesi, head of research and partner management at Startupbootcamp InsurTech, an accelerator for insurance startups based in London. The billions of images around the world mean that not only is the value from performing this task with AI enormous, but it's also possible to train the AI because you've got these mountains of data," Tractable's co-founder and chief executive Alex Dalyac, tells Verdict. "We're not just distributing products; we're working towards building accurate, personalised insurance products around people's lives." "We're not just distributing products; we're working towards building accurate, personalised insurance products around people's lives," says Hugh.


How adopting an "AI first" mindset can improve the customer experience

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Luckily, the rise of technology and the change towards an'artificial intelligence first' world means that tools are being created that can help you turn customer experience into customer science. Another interesting example of how technology is set to change customer experience is the radar currently used on Google's driverless cars. Let me share a story that I feel illustrates how data is having a huge impact on the insurance sector, via the satellites built by Californian company Planet Labs. There's a huge world of possibilities out there to create dazzling customer experiences using the science that's now available.


10 Artificial Intelligence Startups in Insurance - Nanalyze

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Founded in 2014, Silicon Valley startup Cape Analytics has taken in $14 million so far to develop a service for property insurers that combines machine learning with computer vision and geospatial imagery to do things like analyze roofs of houses for material type, condition, and building footprint. Founded in 2012, London based startup Tractable has taken in $9.9 million in funding so far to create deep learning algorithms that can give cost estimates for auto insurance claims. The collision repairer uploads an estimate and pictures to the claims management system and the AI algorithms compare the pictures and the cost estimate to make sure everything is in order. Founded in 2013, Paris startup Shift Technology has taken in $11.8 million in funding so far to develop an AI-powered cybersecurity solution to detect fraud in the insurance industry using big data and machine learning algorithms.


UK insurer will use AI for claims handling

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This story was delivered to BI Intelligence "Fintech Briefing" subscribers. The UK branch of major multinational insurer Ageas announced on Thursday that it is adopting AI technology to help with motor claims handling. Ageas has been piloting the AI since the end of 2016, and confirms the test has so far been successful, with its engineers able to validate the AI's judgments. Sarah Kocianski, senior research analyst for BI Intelligence, Business Insider's premium research service, has compiled a detailed report on insurtechs that looks at the drivers behind the increasing number of insurtech companies, how they are helping or disrupting legacy players in the insurance industry, and where legacy players are innovating off their own backs.


AI: Move over FinTech - InsurTech is here and its got bots

#artificialintelligence

With insurance, you never get a reward, there's just a cost," says Filiippo Sanesi, head of research and partner management at Startupbootcamp InsurTech, an accelerator for insurance startups based in London. The billions of images around the world mean that not only is the value from performing this task with AI enormous, but it's also possible to train the AI because you've got these mountains of data," Tractable's co-founder and chief executive Alex Dalyac, tells Verdict. "We're not just distributing products; we're working towards building accurate, personalised insurance products around people's lives." "We're not just distributing products; we're working towards building accurate, personalised insurance products around people's lives," says Hugh.


Artificial Intelligence Set to Transform Insurance Industry but Integration Challenges Remain, According to Accenture Report

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Artificial Intelligence Set to Transform Insurance Industry but Integration Challenges Remain, According to Accenture Report Insurers are investing in AI technology to enhance the customer experience, empower their own people NEW YORK; Apr. 19, 2017 – Insurance executives believe that artificial intelligence (AI) will significantly transform their industry in the next three years, with insurers investing in AI to empower agents, brokers and employees to enhance the customer experience with automated personalized services, faster claims handling and individual risk-based underwriting processes, according to Accenture's Technology Vision for Insurance 2017. "The adoption of artificial intelligence is gaining momentum within insurance, with executives pointing to AI's potential to revolutionize the customer experience and empower agents, brokers and employees," said John Cusano, senior managing director and global head of the Accenture Insurance practice. Insurers are building a more prominent role in new digital ecosystems to unlock their next wave of strategic growth, complementing their direct customer relationships with a push toward a broader ecosystem approach.


How your selfie could affect your life insurance

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A company has developed facial analytics technology to help estimate life expectancy by analyzing your face from a photo you upload online. "Your face is something you wear all your life, and it tells a very unique story about you," says Karl Ricanek Jr., co-founder and chief data scientist at Lapetus Solutions Inc. in Wilmington, N.C. Several life insurance companies are testing Lapetus technology that uses facial analytics and other data to estimate life expectancy, he says. Insurers use life expectancy estimates to make policy approval and pricing decisions. Many life insurance companies are exploring how to use additional data, statistical models, artificial intelligence and other techniques to help make quick decisions to ease the policy buying process and boost sales.