Insurtech is helping commercial insurers better analyse and reduce risk, lowering the premium but adding service fees while transforming the insurance offering in the segment. To continue reading, you need a subscription to Intelligent Insurer. If you have already subscribed please login. If you have any technical issues please contact support. Insuring the gig economy - who is up for it?
Automation is set to transform commercial insurance lines with investments in this field expected to increase, particularly affecting the property business, according to a survey including 300 commercial insurers conducted by Intelligent Insurer. To continue reading, you need a subscription to Intelligent Insurer. If you have already subscribed please login. If you have any technical issues please contact support.
A Chicago startup has raised $2.5 million in hopes of using artificial intelligence and Big Data to help insurance companies make smarter underwriting decisions more quickly. DataCubes raised the money from Seyen Capital and MK Capital. The company was founded last year by Kuldeep Malik, a co-founder of mobile-advertising software company Persio (formerly called Iris Mobile), and Harish Neelamana, who previously worked for insurers Zurich and Allstate. "I wanted to create a Big Data solution to solve a tangible business problem; my friend Harish is an expert in commercial insurance," Malik says. They're trying to disrupt the commercial insurance business by using artificial intelligence and machine learning.
Planck Re announces their first funding round of $12M to empower commercial insurers by generating insights that streamline the commercial underwriting process – enabling insurers to instantly and accurately underwrite any policy. The round was led by Arbor Ventures and includes Viola FinTech and Eight Roads. Founded in 2016, Planck Re is pioneering the commercial insurance data industry, providing an Artificial Intelligence (AI) driven data platform. Leveraging deep industry expertise and breakthrough data science, Planck Re streamlines the commercial underwriting process by aggregating small and medium businesses' digital footprint to help insurers acquire a comprehensive understanding of customer risk. The end result is a frictionless underwriting process with greater insurance carrier visibility into risk factors, leading to improved conversion, retention and reduced loss ratios.
It can take a few years of steady improvements to truly redefine a company's cost structure, customer experience and position in the market. Last time, we discussed some of the potential benefits of AI in commercial insurance. Now, let's talk making the business case. Many insurers are hesitant to invest in AI without proof that these theoretically smart systems will yield real-world returns. A mature AI vendor will have the foresight to develop a team within its organization that's dedicated to value analytics.