Over the last decade or so, every significant business has been paying close attention to what seems to be a game-changing asset for their industry – data. For insurers, however, data has always been at the heart of what they do. Traditional actuarial underwriting, for example, has involved the analysis of data to get a better idea of risk-based pricing for many years. What is new is that data has grown in volume, quality and accessibility, and there is now the ability to combine and analyse multiple data sources, which is giving insurers plenty to think about. Richard Warner, chief operating officer and former chief information officer at LV, says the combination of sources could include the merging of a fitness app, diabetes app, calorie-tracking app and a mindfulness app, for example, with the resulting data being used to create better customer insight for use by the business and consumer.
Smart Home Telematics company positions itself to pursue the growing interest among forward-thinking insurance carriers for data-driven insights and customer engagement. VANCOUVER, BC AND NEW YORK CITY, NY – 04-25-2018 (Press Release Jet) -- Plasmatic Technologies (Plasmatic) is pleased to announce the addition of Mike Moen to its advisory team, where he will assist the company as it caters to the tremendous need for innovation in Property and Casualty Insurance. David Sussman, Chief Executive Officer of Plasmatic stated: "We are very excited to enlist Mr. Moen's industry knowledge, deep relationships, and track record in analytics-based businesses. Mike's strong collaboration with our leadership team has already helped validate the appeal of our solutions with decision makers at top insurance carriers and Insurtech scouts in some of the more prominent industry hubs". With over 20 years of experience as an entrepreneur and business executive, the enlistment of Plasmatic's latest advisor is a sign of definitive momentum in the sector, where device-driven insights and mobile experiences are poised to help insurance providers deliver more personalized services and augment their policyholders relationships.
Dramatic advances in artificial intelligence and machine-learning technologies have accelerated the ability of insurers to predict risk. Algorithms can find trends and patterns that help forecast the probability of a risk situation occurring again. By utilising internal and external data sources, algorithms are selected according to how a specific model fits with the insurer's data. This model is applied to predict or detect the likelihood of an event happening, such as a person needing medical attention abroad for travel insurance or a house flooding for home insurance. Insurance and assistance provider The Collinson Group uses a variety of predictive analytical tools to flash through terabytes of data to find variables, some of which it hadn't considered, to help predict customer risk and purchasing behaviour.
It's clear: Artificial intelligence has transformed the way we live. According to PwC, 55 percent of consumers would prefer to receive new media recommendations from AI -- a development that illuminates how much we've integrated the technology into our lives. Google, Amazon, and Microsoft are just a few of the obvious innovators embracing bot-powered business functions, but others are also taking notice. Artificial intelligence's ability to synthesize and analyze data can easily improve business operations for many industries, including hospitality, restaurants, and travel. Such markets experience success when they revise their customer experience or marketing strategies with machine learning and chatbots.
What if you had a colleague who would take care of all the dull, routine tasks without complaining? A colleague who lets you do interesting and challenging tasks, helps you solve them, then happily lets you take all the credit. A colleague who stays after office hours doing prep work for you so that you will have a good start next morning? Meet Machine Learning, your new favorite colleague, who will dramatically change customer service both for customers and for customer service personnel. It's estimated that 70-80% of insurance claims are pretty straightforward, so this is an area where machine learning algorithms can find the right solution.
December is the perfect month to predict the key insurtech trends for the year to come and to think of New Year's resolutions: what specific trends to tap into to enhance the digital strategies. We believe these trends should relate to what an insurance carrier would like to accomplish, to what a'winning insurance firm of the future' would look like. We believe that that such winning insurance firms will have four essential elements. Fast changing customer behaviour and new market dynamics make it essential for insurance carriers to increase the contact frequency and provide more added value in these contacts. Fortunately, connectivity, all sorts of connected devices offer an unprecedented entry in customers' daily life. Adding value is about solving the real problem. People don't want a mortgage; they want a nice house to live in. Insurance is usually just part of a solution, but rarely the entire solution to the real problem a customer is facing.
Insurance agency management company In-Fi is hoping AI chatbots can streamline homeowner insurance applications and bring the process in line with customers' expectations. Edge intelligence is the newborn child of edge analytics and machine learning. In this podcast, CTO Simon Crosby explains the tech and discusses AI uses, data breaches and more. Can an AI virtual assistant in every car save the auto industry from sluggish sales and an uncertain future? Audio component manufacturer Harman argues that it can help.
It's no secret that the insurance industry is fundamentally changing thanks to innovations in Artificial Intelligence. With predictions for 2018 showing that insurance data will grow by 94%, 84% of which will be in unstructured documentation, technology is being introduced that is revolutionizing the industry in its entirety. Taking inspiration from groundbreaking technologies like IoT, Big Data and especially AI, investments are at a peak for insurtech companies all over the world. In a recent report by Willis Towers Watson, since 2016, 36 percent more investment, or the equivalent of 2.3 Billion Dollars has been invested across 450 start-ups during the course of last year alone. AI solutions in the insurance sector are gaining popularity – and as a start-up or developer, it's one of the most dynamic and promising business-areas to be active in.
Artificial intelligence (AI) is transforming businesses across industries and continents, allowing those who invest in the technology to leverage data, automate processes and gain or sustain a highly-coveted competitive advantage. The health insurance industry is no exception and payers who utilize AI technology like intelligent virtual assistants to engage consumers will continue to widen the gap between those who have and haven't.
Crunchbase News has covered the U.S. FinTech space a great deal since the start of the quarter. From looking at FinTech's early-stage stars of 2017 and 2018 to NYC's growing fintech scene, to traveling down south to Atlanta, which has a FinTech startup scene of its own. To get a hold on the space in Q1 2018, we take a look at venture dollar invested into U.S.-based FinTech startups quarter by quarter since 2016. Crunchbase News's definition of FinTech encompasses a broad range of startups that leverage deep learning technology and big data in order to streamline tax processes, make paying friends easier, and provide better insurance options.1 Since 2016, more than $15.6 billion has been invested in seed, early, and late-stage U.S.-based FinTech startups. Total dollar volume saw an increase of 25 percent year over year from 2016 to 2017.