insurance


Car insurers warned: start preparing for autonomous driving future

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China's vehicle insurers can expect huge disruption to their traditional business models, as the era of autonomous driving, powered by artificial intelligence (AI) continues to accelerate, a new study claims. Three-quarters of insurers expect vehicle premiums to be included in the price tags of cars while more than 60 per cent expect a drop in premiums collected from car owners, once self-driving models becomes commonplace on our roads, said a joint report published between the Insurance Society of China and Fudan University, released on Sunday. From damage assessment to the actual buying of insurance cover, AI is playing a far-reaching role in reshaping the country's car insurance sector, said market veterans commenting on the findings. "AI is casting a growing influence on insurance practitioners," said Yao Qinghai, chairman of the Insurance Society, speaking in Shanghai. "We urge the industry to get better prepared for a changing landscape, as many jobs could be replaced."


Defeating roadblocks to using data and AI in insurance

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Insurers are increasingly interested in ways to make better use of data in their daily business decisions. Indeed, almost half of the CIOs we have surveyed this year mentioned that they are currently working on analytics including AI, machine learning, etc. It is also interesting to observe that a minority of insurers (5%) is not working on this topic currently. Our recent Model Insurer program helped us better understand what insurers are doing around data, analytics and AI. The awards' winners in this category have leveraged analytics and AI to improve various facets of their business.


Artificial Intelligence in Insurance Market 2018 : Expert Opinion, Service, Regional Outlook, End User and Forecast to 2023 - Press Release - Digital Journal

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The Global Artificial Intelligence In Insurance Market Report includes a comprehensive analysis of the present market. The report starts with the basic Artificial Intelligence In Insurance Market overview and then goes into each and every detail. Houston, TX -- (SBWIRE) -- 05/26/2018 -- Artificial Intelligence In Insurance Market research report offers comprehensive insight into the key growth drivers, notable challenges, prominent trends, recent technological advancements, and the competitive landscape. The study presents a critical assessment of the scope of key applications and the innovations in products brought about by key players. It further takes a closer look at prevailing regulatory landscape in major regions and identifies promising avenues.


AI set to revolutionise banking, insurance sectors

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Enhance operational efficiency, improve time-to-market, enable a more intelligent way to sell and service, and more. During the last five years, industrial use of AI – in terms of interest, investment, ideation and implementation – has risen exponentially. The proof of the pudding is in the eating. This can be validated through how a leading health insurance startup leveraged AI by using data and software to build clinical profiles of people to identify gaps in care. These gaps in care were filled with visits and free choice of doctors for patients to avoid costly hospital stays. Similarly, a life insurance startup used AI to generate quotes for accident death claims which simplified sign-up in less than 2 minutes. There are several such instances that fortify AI as a technology that would revolutionise businesses and the world at large.


Decoding insurance claims and medical fraud

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Artificial intelligence can help insurance companies and third-party entities to process insurance claims. It can verify data, check for errors and fraud, or find correlations and trends. We count on insurance to be there for us when we need it, and like anything else, it's a system that can be overused and even abused. Artificial intelligence is taking on an important role in the prevention of inaccurate healthcare claims and in innovative claims management. At H2OWorld 2017, in Mountain View, CA, speaker Adam Sullivan of Change Healthcare explained the process of using machine learning to verify healthcare claims data, denied claims, and erroneous payments for hospitals/providers, as well as to predict procedures.


Combination of blockchain and AI makes models more transparent

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The rapid emergence and use of AI in mission- and business-critical situations is leading management teams to consider issues of trust. This is especially true when machine learning systems are used to make decisions that have particularly serious ramifications. For example, the issue arises with autonomous vehicles that need to make split-second decisions, with AI-based systems that make loan or insurance claim decisions, and with tools used to sentence convicts or determine bail amounts. In each of these situations and others, humans are trusting machines to make decisions that can have significant and potentially harmful outcomes. But while their decision-making processes are opaque today, there is hope that the combination of blockchain and AI could make learning systems more interpretable.


Humans start to put financial robots in their place

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Regulators are beginning to teach robots who's the boss. After spending billions of dollars on cutting-edge artificial intelligence technologies, Europe's banks and insurers face tougher scrutiny of the tools they use to help root out fraud, check borrowers' creditworthiness and automate claims decisions. European Union General Data Protection Regulation (GDPR) rules starting this week will stress human oversight and consumer protection, which may hamper companies trying to build the tools of the future. "Companies developing AI technologies will have to consider and embed the data protection issues into the design process," said David Martin, senior legal officer at Brussels-based consumer advocate Beuc. "It's not something where they can just tick a box at the end."


Allstate deploys AI chatbot to assist small business clients

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Allstate Business Insurance has launched an artificial intelligence-powered chatbot to guide small business clients through the insurance process. The chatbot, called the Allstate Business Insurance Expert (ABIE), can be accessed through the business insurance section of Allstate's website. Developed in collaboration with Jorsek, with the use of the easyDITA platform, the bot provides answers in real time to questions about small business needs and insurance solutions. "We know small business owners are savvy business people who do their research when looking for solution providers," said Allstate Business Insurance president Mike Barton. "That's why we developed ABIE – to help answer their initial questions and make the conversation with their Allstate agent even more productive."


How Brands Are Leveraging AI To Streamline The User Experience

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While a data-based world allows us to build services and products, it also requires complicated processes of acquisition that can be tedious if not overwhelming. This is why businesses are increasingly implementing artificial intelligence to simplify their data-based services. Here's how 5 brands are turning to chatbots and voice programs to allow users to easily input information and receive personalized instructions for complex or unfamiliar processes, resulting in a customer onboarding journey with minimal friction. Bing Bing created chatbots embedded into search results to allow customers to interact with businesses to get their basic questions answered. The bot, which is available across channels and platforms, answers users questions based on pre-answered questions by business owners, and if there's a question it can't answer, the bot will refer the user to a phone number.


Charting the preventative economy - Raconteur

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In the 21st century the world still faces many geographical challenges including climate change, disease outbreaks, natural disasters and a growing scarcity of vital resources such as water, food and land. Overcoming these problems is dependent on our ability to chart these issues and analyse them spatially. This comes at a time when we're increasingly able to produce millions of data points from connected devices – the internet of things (IoT) – such as mobiles, drones, satellites, vehicles and social media, combined with more affordable, powerful cloud computing and machine-learning. Technologists realise the potential for smart mapping has never been greater. "If you think about it, there isn't an area that isn't touched by location, from responses to hurricanes and typhoons, wars, international health scares or utility outages," explains Stuart Bonthrone, managing director of Esri UK, a world leader in mapping and spatial analytics software.