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How Automation is Impacting the Insurance Space - MarylandReporter.com

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There's no denying that automation is a long-term goal for many industries. To automate a business is to transform it for the better, and there are so many different ways to achieve such a goal, particularly with AI (artificial intelligence). Even startup owners are looking toward automation sooner rather than later, as automation can help businesses scale without growing pains. That said, what about the world of insurance? While automation affects every aspect of the business sector, it's understandable to be confused about how it might impact the insurance space.


Ignoring AI Is Risky Business for Insurance CEOs

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Insurers have infrequent interactions with their customers and thus have limited data on which to base their underwriting, pricing, and claims decisions. More-AI-oriented industry players, such as insurtechs, have gotten around this by putting digital and data at the core of their business models. These startups, run by digital natives, have had early success in some markets, such as auto and home insurance. The amount of money flowing their way suggests that they have the confidence of investors, who clearly believe in AI's ability to disrupt the industry and capture a fair share of its profit pools. Insurers hail from a tradition steeped in data of a different sort: historical and static data that comes from claims databases and underwriting questionnaires.


Director of Data Science

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We offer a competitive salary, stock options, a comprehensive benefits package, including health and dental insurance, unlimited PTO, parental leave, tuition reimbursements, and much more!


How AI And RPA Revamp The Insurance Industry Process

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As the industries are getting digitized more and more, most insurance companies constantly invest in IT services to serve their customers better. According to the Mckinsey report, the insurance companies will increase their investments by 200% in RPA and AI. Today's post will focus on how a new generation of technology like Artificial Intelligence (AI) and Robotic process automation (RPA) will revamp the entire insurance industry. Moreover, we will also discuss how they are changing many existing processes and replacing traditional roles with intelligent software, helping adapt to changes. Artificial intelligence covers various technologies, including machine learning, deep learning, natural language processing (NLP), and natural language generation (NLG).


Synthetic Data Is About To Transform Artificial Intelligence

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These people do not exist. These faces were artificially generated using a form of deep learning ... [ ] known as generative adversarial networks (GANs). Synthetic data like this is becoming increasingly indistinguishable from real-world data. Imagine if it were possible to produce infinite amounts of the world's most valuable resource, cheaply and quickly. What dramatic economic transformations and opportunities would result? This is a reality today. It is called synthetic data. Synthetic data is not a new idea, but it is now approaching a critical inflection point in terms of real-world impact.


3 technology trends disrupting the insurtech industry

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Though insurtechs are recognized as a disruptive force in a long-established industry, less is known about the actual technologies these companies are using to differentiate themselves from traditional competitors. The application of emerging technologies like artificial intelligence, machine learning, analytics, wearables and more, has enabled insurtechs to be years ahead of traditional insurers in many ways--including the ability to provide automated, digital solutions to end-users, more accurate pricing and underwriting, and even assist in creating healthier people and safer workplaces. As new technologies are utilized, insurtechs will continue to innovate and create efficiencies within the industry that never existed before. While I'm excited about many of the different technologies insurtechs are working with or beginning to experiment with, these are three key tech trends I believe have potential for incredible disruption in 2022 and in the years to come. ML laid the groundwork for the industry's ability to improve algorithms, while AI is enabling faster and more precise pricing and underwriting.


What is AI Visual Inspection for Defect Detection?

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Artificial intelligence is a crucial differentiator for businesses, with numerous applications in almost every domain. From self-driving cars to Siri and Alexa, AI is the critical enabler for next-generation services transforming the way we live. AI can enable systems to make intelligent decisions based on past data, from deciding which products customers might like best to identifying potential medical problems before they escalate into emergencies. Among this wide range of AI applications around the globe, automated visual inspection is highly appreciated. Visual inspection is one of the most commonly used approaches in the production process.


5 Learnings from a 24-Hour Hackathon to Prevent ML Project Failures

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The Data Days at ETH Zurich closed with a 24-hours Machine Learning hackathon on May 15, 2022, and I was a jury member in one of the four competitions. Being a jury member of such a competition gives the privilege of gaining a lot of insights. Besides the solution per se, there are several learnings about how the different teams approach the problem-solving and their journey during the hackathon. In our competition, the teams had to build a travel insurance chatbot helping the travelers to guide through the different challenges in a COVID-19-driven world with several requirements per country, travel options, and insurance coverage and assistance in all these situations. These nicely framed questions come to your mind when you think about a chatbot for travel insurance.


Clearspeed Joins Guidewire Insurtech Vanguards Program

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SAN DIEGO--(BUSINESS WIRE)-- Clearspeed, a leader in AI voice analytics, announced that the company has joined the Guidewire Insurtech Vanguards program, a new initiative led by property and casualty (P&C) cloud platform provider Guidewire (NYSE: GWRE), to help insurers learn about the newest insurtechs and how to best work with them. Through its exceptionally high level of fraud detection accuracy ( 97%), Clearspeed helps carriers decide quickly and confidently whether claims should go straight through or be flagged for further follow up. "We are honored to be showcased as an Insurtech Vanguard by Guidewire," says Clearspeed CEO, Alex Martin. "Clearspeed's easy integration with a carrier's existing tools and processes could enable Guidewire's 450 insurance customers to optimize their claims service while significantly improving their combined ratios." Insurtech Vanguards is a community of select startups and technology providers that are bringing novel solutions to the P&C industry.


Will a Robot Take Your Job? Artificial Intelligence's Impact on the Future of Jobs.

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Sean Chou thinks robots are stupid. "All you have to do is type in'YouTube robot fail,' says Chou, CEO of Chicago-based AI startup Catalytic. Here, we'll make it easier: click to see robots fail. And even though they're getting smarter all the time and serving industry in novel ways, Chou is firm in his belief that "we're pretty far from'Terminator.'" It's that they're rising much more slowly than some of the more breathless media coverage might have you believe -- which is great news for most of those who think robots and other AI-powered technology will soon steal their jobs. The consensus among many experts is that a number of professions will be totally automated in the next five to 10 years. A group of senior-level tech executives who comprise the Forbes Technology Council named 13, including insurance underwriting, warehouse and manufacturing jobs, customer service, research and data entry, long haul trucking and a somewhat disconcertingly broad category titled "Any Tasks That ...