There is a sea change coming to Insurance, this sea change is about AI, its been talked about for a few year but now it is coming. The big promise is that it will be used to improve process in dealing with claims pricing, and placing insurance. It will open up a sea change in innovation.
Check out coverageR - a great insurtech resource - and an interview with Harry Croydon, CEO of STP Risk Services LLC
Studies have proven that high insurance penetration significantly reduces or even balances out the negative effects of catastrophic events economically. The positive economic effect of risk transfer is thus particularly strong in emerging economies. What use case is there for this and what can insurance companies do to help drive higher insurance adoption rates?
I do find it hard to keep up with my reading. I have found, along with many other people, that listening to books and audio files is a great way to keep up. Here is a recommendation for fans of AI and Cyber Crime....
The sharing economy is growing up fast, message is that the growth will reach or surpass PwC’s projections which show that five key sharing sectors—travel, car sharing, finance, staffing, and music and video streaming — have the potential to increase global revenues from roughly $15 billion in 2015 to around $335 billion by 2025. Massive growth.
Is Artificial Intelligence (AI) taking over everything? Do we have to fear or welcome this new AI tech? Is the reality that AI Augmentation more deliverable and welcoming?
In the USA and China an increasing number of tech companies are bringing more in house. Is this the lesson for Insurance? In-source not Outsource? Is this a path for a digital insurer.
Posted in InsurTech blog on Jun 06, 2019
What does it take to be a Digital Insurer? Well one of the basics is to have a deep and a sound understanding of Machine Learning (ML) and Artificial Intelligence (AI) with the capabilities to actually develop these for 'insurance' case studies.
Computer Vision is becoming the central tech behind insurance claims processing. The ability to process claims and rely on algorithms is at the core of this. How is this different to the platform businesses of the GIG economy? Not much it seems as the workers and the platforms are all driven by the algorithm too it seems.
When the produce being transported is fruit and vegetables, any disruption in the supply chain can lead to substantial losses because they are perishable goods. In these situations how can businesses know what decisions to make and how to deal with these issues? Real time tracking of supply chain is an answer.