The precise and large dataset concerning catastrophic events is very important for insurers. To improve the quality of such data three methods based on the bootstrap, bootknife, and GAN algorithms are proposed. Using numerical experiments and real-life data, simulated outputs for these approaches are compared based on the mean squared (MSE) and mean absolute errors (MAE). Then, a direct algorithm to construct a fuzzy expert's opinion concerning such outputs is also considered.

If you think embedded insurance is the only hot thing in insurtech these days, we've got a surprise in store for you: While it's true that startups that help sell insurance together with other products and services are enjoying tailwinds, there are plenty of other opportunities in the space, several investors told TechCrunch . You see, insurtech startups often need to take into account the myriad rules and regulations in place when they seek to innovate and embed insurance into products, which might make it difficult to pull it off. Given the current emphasis on achieving cost efficiency to extend runways in the broader startup ecosystem, it appears investors are open to insurtech startups that can build a sustainable business model, regardless of it including embedded insurance. "Insurtech startups that do not offer embedded insurance, and rather provide other innovative solutions will still attract VC funding this year, especially if they can show cost-efficient and sustainable growth," said Nina Mayer, a principal at Earlybird. And according to David Wechsler, a principal at OMERS Ventures, "having an embedded strategy is not required for venture funding."

If you think embedded insurance is the only hot thing in insurtech these days, we've got a surprise in store for you: While it's true that startups that help sell insurance together with other products and services are enjoying tailwinds, there are plenty of other opportunities in the space, several investors told TechCrunch . You see, insurtech startups often need to take into account the myriad rules and regulations in place when they seek to innovate and embed insurance into products, which might make it difficult to pull it off. Given the current emphasis on achieving cost efficiency to extend runways in the broader startup ecosystem, it appears investors are open to insurtech startups that can build a sustainable business model, regardless of it including embedded insurance. "Insurtech startups that do not offer embedded insurance, and rather provide other innovative solutions will still attract VC funding this year, especially if they can show cost-efficient and sustainable growth," said Nina Mayer, a principal at Earlybird. And according to David Wechsler, a principal at OMERS Ventures, "having an embedded strategy is not required for venture funding."

The insurance industry has always dealt in data, but it hasn't always been able to put that data to optimal use. With the rise of artificial intelligence, which analyzes and learns from massive sets of digital information culled from public and private sources, insurers are embracing the technology's many facets -- from machine learning and natural language processing to robotic process automation and audio/video analysis -- to provide better products. Customers, too, are benefitting from practices like comparative shopping, quick claims processing, around-the-clock service and improved decision management. To get a better sense of how AI impacts the insurance industry, check out these 25 AI insurance applications. Liberty Mutual explores AI through its initiative Solaria Labs, which experiments in areas like computer vision and natural language processing. Auto Damage Estimator is one result of these efforts.

The power of AI is now within reach of all companies, opening up a new world of strategy innovation and enabling companies to leave the constraints of legacy architecture behind forever. Three new related high-potential strategies include: Forever Beta, Minimum Viable Idea (MVI), and Co-lab. This article explains each in detail, with examples of companies that are currently using them. Though their specific strategies are distinct, the companies share three important characteristics. First, their technology, business strategy, and execution are so closely intertwined as to be nearly indistinguishable. Second, humans — not machines — are in the driver’s seat. Third, these companies understand that all companies, no matter their industry, are now technology companies. But technology-driven business strategies require farseeing leaders. Those who are able to see opportunities at the new radically human nexus of people and technology will pre-empt disruption and seize the future.

Did you miss a session at the Data Summit? This article was contributed by Jason Paau, senior director of program management at digital consultancy Publicis Sapient. As with other industries, the pandemic has triggered digital acceleration in the insurance sector, enabling some insurance technology (insurtech) startups to benefit from their nimble and innovative digital-first offerings. Lemonade, for example, has introduced a new auto insurance offering, supported by acquiring insurance startup Metromile. Instead of watching these smaller insurance upstarts continue to hustle, pivot and grow, traditional players need to take advantage of this moment to leverage the power of their brands and own the inevitable disruption of the sector.

The use of artificial intelligence (AI) in our daily lives was predicted in Hollywood movies decades ago and began to come true with Siri, Alexa and Smartphones. According to a white paper released recently by Mitchell International (the parent company of NAGS), artificial intelligence use in automotive claims is growing fast as a result of the COVID-19 pandemic, which made a transition to digital essential to decrease the spread of the virus from human to human. "As insurers embrace AI and its ability to improve the claims process, they are devoting a larger portion of their technology budgets to AI-enabled solutions. In fact, according to one report, 87% of carriers are now spending in excess of $5 million annually on these technologies, which is more than in the banking and retail sectors," Mitchell reported. Although new to the auto insurance industry, the science behind AI has existed for more than 50 years.

For decades, insurers have used such factors as age and credit score to determine the prices paid by individuals. Now many maintain that driving habits are a fairer gauge of a person's accident risk. In a deal announced early Thursday, Cambridge Mobile said it had closed on the purchase of TrueMotion for an undisclosed price. After combining, Cambridge Mobile is to provide telematics services to 21 of the 25 largest auto insurers in the U.S. based on premiums, with clients including some of the largest auto insurers in Australia, Canada, Japan, South Africa and the U.K. A pre-markets primer packed with news, trends and ideas. The deal paves the way for the two Boston-area firms to combine workforces to improve existing offerings sold to car insurers and invent new products.

Nearly 75% of respondents in a recent survey from the Coalition Against Insurance Fraud and Shift Technology said they believe that among relevant technology, artificial intelligence (A.I.) will have the greatest impact on claims and fraud detection over the next five years. However, Coalition Against Insurance Fraud Executive Director Matthew Smith says this is likely just the beginning in terms of A.I.'s impact on the insurance industry. "We are literally at the tip of the A.I. iceberg in 2020," he says. "Insurers are just starting to use it." In this episode of the Insuring Cyber Podcast, Smith discusses how insurers are using A.I. technology to detect and prevent fraud.

InsurTech companies are leveraging Artificial Intelligence (AI) to conquer more ground in today's digital world. AI has evolved over the years and has had far-reaching consequences on most tech-driven operations, including the insurance industry. AI is enabling insurers to apply machine learning, data modeling, and predictive analysis to the entire insurance value chain, and the results have been favorable in the form of an increased bottom line and enhanced customer satisfaction. Read ahead to know the impact AI has and will have on the now digitally-oriented insurance industry. It is an umbrella term given to a bundle of technological advancements that have helped humans to program machines to perform certain activities.