Artificial intelligence (AI), machine learning and digitalisation are key words that those tasked with improving business processes in the insurance sector will be well aware of – but these tools also present the opportunity to show end customers that the insurance industry values them. Read: Amazon's online insurance store – what does it mean for the industry? Read: There will be'winners and losers' in insurance now more than ever – Guidewire This was according to Andy Fairchild, advisor and non-executive director at various insurance-related firms and owner of consultancy Julyfourth Services. Speaking during an Insurance Times webinar entitled AI: A driving force for the future of insurance yesterday (24 November 2022), in association with Inawisdom, Fairchild explained: "[AI] is how we can show customers that we value collecting their data more than we currently do. "We must, as an industry, show customers how important that data is and how important data collection for the provision of an insurance product is." AI processing of customer data and the use of AI-enabled chatbots to respond to customer queries would improve the customer experience by speeding up often slow customer journeys, said Fairchild. But the collection of data behind these operations has to be improved too. Fairchild continued: "We can get that customer data from a person-to-person interaction or – increasingly – from a person-to-machine interaction and therein lies a big move for the industry." Fairchild added that the better collection and deployment of data to construct AI models could transform customers' interactions with the insurance sector from a "trudge process" into something that "they really value". AI and machine learning also have the potential to "revolutionise" the insurance sector in terms of risk selection and pricing if data collection improves, Fairchild added. Read: Brokers embrace cloud technologies to'maintain competitive edge' He explained: "The fundamentals of our industry are risk, risk selection, the terms that we underwrite that risk selection on and the price that we put on it." However, Sameer Deshpande, head of enterprise architecture at broker PIB Group, said that the insurance sector was lagging behind other areas of financial services in its use of artificial intelligence. Deshpande explained: "There are a number of areas where [insurance is] still behind the curve – [for example,] manual processes and document processing.

Artificial intelligence (AI), machine learning and digitalisation are key words that those tasked with improving business processes in the insurance sector will be well aware of – but these tools also present the opportunity to show end customers that the insurance industry values them. Read: Amazon's online insurance store – what does it mean for the industry? Read: There will be'winners and losers' in insurance now more than ever – Guidewire This was according to Andy Fairchild, advisor and non-executive director at various insurance-related firms and owner of consultancy Julyfourth Services. Speaking during an Insurance Times webinar entitled AI: A driving force for the future of insurance yesterday (24 November 2022), in association with Inawisdom, Fairchild explained: "[AI] is how we can show customers that we value collecting their data more than we currently do. "We must, as an industry, show customers how important that data is and how important data collection for the provision of an insurance product is." AI processing of customer data and the use of AI-enabled chatbots to respond to customer queries would improve the customer experience by speeding up often slow customer journeys, said Fairchild. But the collection of data behind these operations has to be improved too. Fairchild continued: "We can get that customer data from a person-to-person interaction or – increasingly – from a person-to-machine interaction and therein lies a big move for the industry." Fairchild added that the better collection and deployment of data to construct AI models could transform customers' interactions with the insurance sector from a "trudge process" into something that "they really value". AI and machine learning also have the potential to "revolutionise" the insurance sector in terms of risk selection and pricing if data collection improves, Fairchild added. Read: Brokers embrace cloud technologies to'maintain competitive edge' He explained: "The fundamentals of our industry are risk, risk selection, the terms that we underwrite that risk selection on and the price that we put on it." However, Sameer Deshpande, head of enterprise architecture at broker PIB Group, said that the insurance sector was lagging behind other areas of financial services in its use of artificial intelligence. Deshpande explained: "There are a number of areas where [insurance is] still behind the curve – [for example,] manual processes and document processing.

Online fraud is estimated to be costing businesses more than £3billion a year, according to the FBI's Internet Crime Report 2019. Excluding the United States, the United Kingdom is by far the worst affected country by number of victims. At Inawisdom, our post-fraud analyses have identified several patterns. The most common include using a common IP address or similar data in fraudulent accounts, such as email domains. In other cases, fraudsters fake the entered country, residential status, or work status when applying for accounts.

Inawisdom was engaged by Aramex, a global provider of logistics and transportation solutions, to support a digital transformation by enhancing the customer experience and digitizing the end-to-end shipment journey. "We are shifting increasingly to be an e-commerce company, and our vision is to be an innovative e-commerce provider that provides a revolutionary customer experience," says Mohammed Sleeq, chief digital officer at Aramex. "We wanted to give our customers a more accurate, instant prediction of delivery time, and we knew Inawisdom and AWS would enable us to do what we wanted to accomplish." To realize its transformation goals, Aramex chose Inawisdom as a partner to accelerate the delivery of an AWS cloud-native data science platform to deploy machine learning models into production. Inawisdom helped Aramex deploy the RAMP platform, which takes advantage of Amazon SageMaker and other key AWS services.

LONDON [10th May 2018] – Inawisdom, announced today that it has achieved Amazon Web Services (AWS) Machine Learning (ML) Competency status. Achieving the AWS ML Competency differentiates Inawisdom as an AWS Partner Network (APN) member that has built solutions that help organisations solve their data challenges, enable ML and data science workflows that enhance business applications with machine intelligence. Attaining the AWS ML Competency, demonstrates to our customers that Inawisdom has validated ML expertise and experience on AWS. "We are absolutely delighted to achieve AWS ML Competency status as this recognises the great customer projects that Inawisdom has already completed and the hard work of such a talented team," said Neil Miles, CEO. "The ability to help customers outperform the market by discovering wisdom from their data assets is made possible by leveraging the agility and power of AWS." AWS is enabling scalable, flexible, and cost-effective solutions from startups to global enterprises.