Insurance


Data on Machine Learning Described by Researchers at University of New South Wales (Learning from machines to close the gap between funding and expenditure in the Australian National Disability Insurance Scheme): Machine Learning

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By a News Reporter-Staff News Editor at Insurance Daily News -- New research on artificial intelligence is the subject of a new report. According to news reporting originating from Canberra, Australia, by NewsRx correspondents, research stated, "The Australian National Disability Insurance Scheme (NDIS) allocates funds to participants for purchase of services." Our news reporters obtained a quote from the research from University of New South Wales: "Only one percent of the 89,299 participants spent all of their allocated funds with 85 participants having failed to spend any, meaning that most of the participants were left with unspent funds. The gap between the allocated budget and realised expenditure reflects misallocation of funds. Thus we employ alternative machine learning techniques to estimate budget and close the gap while maintaining the aggregate level of spending. Three experiments are conducted to test the machine learning models in estimating the budget, expenditure and the resulting gap; compare the learning rate between machines and humans; and identify the significant explanatory variables."


Gradient AI Joins Guidewire Insurtech Vanguards Program

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BOSTON--(BUSINESS WIRE)--Gradient AI, a leading enterprise software provider of artificial intelligence (AI) solutions for the insurance industry, announced that the company has joined Guidewire's 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 leverage them. "Guidewire is one of the most recognized platform providers in the insurance industry today and we are proud to be working with the company," said Stan Smith, founder and CEO, Gradient AI. "As a part of the Guidewire Insurtech Vanguards program we look forward to helping insurers improve underwriting and claim processes with our AI-power insurance solutions." Insurtech Vanguards is a community of select startups and technology providers that are bringing novel solutions to the P&C industry. As part of the program, Guidewire provides strategic guidance to and advocates for the participating insurtechs, while connecting them with Guidewire's P&C customers. "Gradient AI is an effective, innovative, and proven insurance solution providing insurers the intelligence needed to significantly improve their efficiency and profitability in claims and underwriting operations," said Laura Drabik, chief evangelist, Guidewire.


Carrot and Luxboro Launch IoT Joint Venture - PR Newswire APAC

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Carrot ("Carrot" or the "Company") and Luxrobo announced today the establishment of a Joint Venture (JV) that brings together two premier tech companies from the field of digital insurance and IoT-technology. Together they operate as Lucky Box Solutions Inc. to deliver the most optimized IoT systems and telematics devices while positioning itself as the leader of InsurTech, industry that has become the noise of the town in recent years. Both companies have established proven track records of providing innovation in emerging sectors and are poised to offer cutting-edge solutions in the areas of Artificial Intelligence, Machine Learning, Data Interoperability, Analytics and Processing, and Internet of Things while providing risk prevention and insurance protection services. Carrot has made a name for itself over the past few years by providing modernized insurance service to the consumers of South Korea with its customer-centered design of Pay-Per-Mile auto insurance product. As seen with its top-tier customer retention, customers are highly praising for its fair and transparent pricing, month-end payment term, IoT-driven emergency and other value-added services, and cash incentive program that rewards customers based on their safe-driving scores.


Case study: Kissterra's insurance marketing tech

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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.


Financial-Technology Firms Tap AI to Reach More Borrowers

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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.


Focus on humans -- The grail for healthcare technology & automation

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Healthcare is one of the most complex products our economy produces. Over the next 50 years, global health megatrends will change dramatically & we are headed to face increased risks of exposure to new, emerging and re-emerging diseases, new pandemics with surging globalisation, all putting a huge pressure on the healthcare system. Massive variations in health status, lack of access to quality health care, poor health outcomes and increasing cost of care are huge concerns globally. The Freaking future of healthcare pushes us to achieve a more intuitive, responsive, empathetic, cost effective and safer health systems. Only possible when the entire ecosystem & the stakeholders raise the collective expectations of how the system performs today.


CLARA Analytics Extends Leadership Position, Adds Rangaraj

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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.


Is a Lasting Digital Memorial to a Dead Person Even Possible?

Slate

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.


Five High Impact Use Cases for Using AI in the Insurance Industry

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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.


Insurance and artificial intelligence - Raconteur

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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.