Kissterra's proprietary software is designed to help insurers target their marketing effort toward their key audience. The company has focused early on the US auto insurance market. "We felt like we can bring initially the most value in the auto insurance vertical," Kerzner said. Customers include auto insurance carriers, insurance providers and large agencies. While he declined to name names, Kerzner said that Kissterra has conducted business with three of the top five auto insurance carriers in the US, as well as some direct-to-consumer players.
OppFi Inc., a 10-year-old fintech platform based in Chicago, targets U.S. households with an average of $50,000 in annual income that need extra cash for car repairs, medical bills, student loans and other expenses. Todd Schwartz, the company's chief executive, said its customers are employed and have bank accounts but are otherwise "locked out of mainstream financial services." The Morning Download delivers daily insights and news on business technology from the CIO Journal team. OppFi, which made its public-market debut last summer, uses an AI model, real-time data analytics and a proprietary scoring algorithm to automate the underwriting process. It generates a credit score by analyzing a loan applicant's online shopping habits, income and employment information, among other data sources.
CLARA Analytics ("CLARA"), the leading provider of artificial intelligence (AI) technology in the commercial insurance industry, announced that it has made two new strategic hires, adding Ram Rangaraj as the company's new Chief Technology Officer and enlisting Mubbin Rabbani as the new Vice President of Product. Ram Rangaraj is a veteran IT leader with over two decades of experience at Kaiser Permanente, where he served in a range of technology leadership roles, most recently as Senior Director of Revenue Management Integration Engineering. During his tenure at Kaiser, he led numerous strategic IT initiatives, including the innovative application of data analytics to improve the company's claims management performance. Rangaraj will lead the evolution and operations of CLARA's AI platform, serving as a core member of the executive leadership team and reporting directly to CLARA CEO Heather H. Wilson. "Ram Rangaraj is an elite performer," said Wilson.
An expert on the digital afterlife responds to Cat Rambo's "The Woman Who Wanted to Be Trees." You never know precisely how much time you have left, despite what life insurance industry mortality tables or death-prediction startups might claim. Now, an emerging field of death tech is capitalizing on such anxiety by pitching individual immortality as deepfakes or AI-driven chatbots. Meanwhile, we're facing an ongoing environmental catastrophe perpetrated by colonialism and relentless extraction. These two forms of existential uncertainty may seem separate--but they are intrinsically related.
Artificial intelligence has been tapped by insurers to ramp up customer experience and accelerate the speed of decision-making. Customer Conversations When call centres were shut down during the pandemic, our AI-driven chatbot came to the fore. Not only did customers feel the same level of comfort that they did while interacting with call centre executives, as evidenced by the overnight spike in servicing via this medium, accompanied by a 90% dip in grievances, but the AI-driven chatbot went beyond the shift in plane from person-driven servicing to bot-driven servicing to include conversations in languages beyond English. More importantly, the servicing was not restricted to a few niche cases, but the most sought-after array of services that were offered by insurers via the call centre. Motor On the Spot Claim Servicing Traditional claim servicing involves the entire rigmarole of a call from the customer from the site of the crash of the vehicle to the insurance company, the appointment of a surveyor, his on-site visit and assessment, submission of the report to the firm and subsequent processing of the claims.
After a year of disruption, the UK’s advertising industry enjoyed an impressive comeback in 2021,posting a year-on-year growth rate of 26.4%.Its revenues were boosted by a summer splurge in spending, during which advertising across all media types recorded double-digit increases. In fact, the sector’s rebound in the UK is projected to be larger than that in any other major international market, including the US, China and France.
This article is an extract from The Insurance and Reinsurance Law Review - Edition 10. The rapid development of converging technologies is bringing about fundamental changes to the insurance industry. In the long term, organisations that are slow to embrace these new technologies will struggle to compete and to retain their place in the market. In the insurance sector, the use of technology to innovate or disrupt is known as'insurtech'. This is an elastic term that takes in the use of new technologies by both start-ups and incumbent insurance companies to transform access to and analysis of data, build new products, drive customer engagement and squeeze inefficiencies from the current insurance model.
PARIS & ATHENS, Greece--(BUSINESS WIRE)--Hellas Direct and Akur8 are delighted to announce their collaboration to strengthen Hellas Direct's top-notch pricing process for motor and home insurance! Hellas Direct is a fast growing, digital-first, full-stack insurtech leveraging cutting-edge technology and AI. With this new alliance, Akur8 enters the Greek insurance market, extending its already strong presence in Europe, and reinforces its footprint among tech-fuelled disruptive insurtechs. Specifically developed for insurers, Akur8's solution enhances pricing processes by automating rate making, using Transparent Artificial Intelligence proprietary technology. Core benefits for insurers include increased predictive performance of pricing models and accelerated speed-to-accuracy, unlocking higher market reactivity and immediate business impact, while maintaining full transparency and control on the models created.
Insurance is a $1.2 trillion industry in the U.S. alone, employing 2.9 million people. Historically, the insurance industry hasn’t felt the effects of digital disruption, due to a strict regulatory environment, the scale required to create a risk portfolio, and the time needed to establish trust with customers. But in a recent IBM Institute for Business Value (IBV) survey, insurance executives identified changing market forces (such as increased competition and changing customer preferences) as the top driver affecting their enterprise. The core function of the insurance industry, risk management, has gotten more complex as customer data continues to compound. Insurance companies collect data scattered across siloed business units in paper or various unstructured digital formats. In this data-rich environment, underwriting and claims management workers don’t have immediate access to the information needed for informed internal and external decision-making, leading to burnout and costly mistakes. In fact, knowledge workers spend 30% of their time finding information required to…
Technology can tip the scales back in favor of a healthy workforce, driving growth and innovation as well as preserving institutional knowledge.||One of the more persistent consequences of the COVID crisis has been the so-called Great Resignation, a development that has been unfolding over most of the past two years. We’ve seen a steady flow of employees leave the workforce, many doing so after taking stock of their lives amid a rapidly changing world. The insurance industry has by no means been immune.