RE•WORK AI in Insurance Summit NYC 2019: AI Underwriting, Fraud Detection, and More

The Re•Work AI in Insurance Summit in New York City was held September 5–6 and saw 60 speakers from AVIVA, Travelers, GoCompare, Prudential and other insurance-related companies cover a wide range of topics -- from detecting claims fraud to applying machine learning to underwriting and maximizing revenue. Today's specialty and commercial insurance underwriters face an overwhelming number of challenges. AXIS Capital Senior Data Scientist Min Yu believes artificial intelligence (AI) will transform the specialty and commercial insurance underwriting from a "detect and repair" mode to "predict and prevent" mode. In her talk on Machine Learning to Specialty Insurance Underwriting, Yu outlined the AI process as follows: receive a submission, retrieve data, analyze risk, automate quote and quick binding. Manual underwriting would be mainly used for review, or on complicated or emerging risks.