The past year was a time of transformation and technology adoption across the insurance sector. This year, industry leaders are facing new challenges.
Among these challenges, include rising costs, an uncertain economic outlook and ever-increasing pressure to meet customer demands.
For Tractable, which is an applied AI company that uses computer vision to assess homes, it has been a product year in spite of these challenges. The company expanded in the property space, and explored new use cases for its AI, as well as focussing on advancing its product offerings for some of the world’s largest P&C insurers around the globe.
In a recent episode of Tractable’s Inside AI podcast, Jimmy Spears, head of automotive at Tractable, Michael Anderson, global lead for ecosystem solutions at Guidewire and Tony Triola, head of ecosystem partnerships at Verisk discussed their predictions for the year ahead and what companies will be looking to focus on in a time of transformation.
Automation and AI tools
In order to stay ahead, companies should be working on claim automation. Straight-through-processing (STP) can bring streamlined processes, improved accuracy and reduced costs. This is an area that the coming year will see more companies invest in.
An ecosystem approach
Today, many integration tools and platforms are available that are helping the industry realise the true value of cross-sector collaboration. Verisk’s Triola said, “Different companies are good at different parts of the claims process, and we need to realise that we have more to gain together as an ecosystem, than we have competing against each other for ownership of these technologies.”
Anti-fraud focus
With the advancement of technology such as AI and automation tools, unfortunately comes more opportunity for claims fraudsters. For this reason, the coming year will see an increased focus on fraud prevention, particularly AI-powered fraud detection tools.
You can find the full discussion here.
Tractable’s Podcast, Inside AI, aims to explore business opportunities within artificial intelligence through conversations with industry experts and business leaders.
Towards the end of last year, Tractable partnered with The UN Capital Development Fund (UNCDF), to bring the speed and accuracy of artificial intelligence (AI) to disaster recovery in Fiji.
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