Latest AI News, Insights & Analysis

At the inaugural hx Live conference, hyperexponential’s co-founder and CEO, Amrit Santhirasenan, delved into the company’s innovative approach to artificial intelligence (AI), and opened up on AI’s role in revolutionising the insurance industry.

Company News

AI’s role in revolutionising the insurance industry

July 15, 2024

At the inaugural hx Live conference, hyperexponential’s co-founder and CEO, Amrit Santhirasenan, delved into the company’s innovative approach to artificial intelligence (AI), and opened up on AI’s role in revolutionising the insurance industry.

Acrisure, a leading FinTech company that combines human intelligence with technology, has announced the appointment of Aaron Miller as its new chief financial officer.

Commercial/Enterprise Insurance

Acrisure appoints Aaron Miller as new chief financial officer

July 9, 2024

Acrisure, a leading FinTech company that combines human intelligence with technology, has announced the appointment of Aaron Miller as its new chief financial officer.

Uk-based firm MPowered Mortgages has reported that its AI-powered chatbot now solves 60% of broker enquiries.

Company News

MPowered Mortgages’ AI-powered chatbot solving 60% of broker queries

July 1, 2024

Uk-based firm MPowered Mortgages has reported that its AI-powered chatbot now solves 60% of broker enquiries.

Qover, a leading InsurTech, has announced the launch of its AI-enabled solution designed to streamline the claims experience.

Company News

Qover launches AI-enabled solution to streamline insurance claims experience

June 26, 2024

Qover, a leading InsurTech, has announced the launch of its AI-enabled solution designed to streamline the claims experience.

AI agents have been making significant headlines recently. To understand their impact, it’s useful to revisit the era of AI assistants and the advancements that transformed these systems into the sophisticated AI agents we know today. Customer experience automation expert Ushur explains.

Company News

The evolution from AI assistants to AI agents

June 25, 2024

AI agents have been making significant headlines recently. To understand their impact, it’s useful to revisit the era of AI assistants and the advancements...

Ushur, the leader in AI-powered Customer Experience Automation (CXA), has launched a new AI-powered digital self-service solution addressing the significant challenges health plans and third-party administrators (TPAs) face in supporting members with complex care navigation needs.

Company News

Ushur unveils AI-powered digital self-service solution for health plans

June 13, 2024

Ushur, the leader in AI-powered Customer Experience Automation (CXA), has launched a new AI-powered digital self-service solution addressing the significant challenges health plans and third-party administrators (TPAs) face in supporting members with complex care navigation needs.

Imagine a world where insurance isn’t bogged down by endless paperwork, long processing times, and one-size-fits-all policies. Instead, envision a landscape where every interaction is tailored to fit your unique needs, claims are processed swiftly and accurately, and customer service is available around the clock. Welcome to the transformative era of generative AI in insurance.

Commercial/Enterprise Insurance

How GenAI is redefining insurance

June 6, 2024

Imagine a world where insurance isn’t bogged down by endless paperwork, long processing times, and one-size-fits-all policies. Instead, envision a landscape where every interaction is tailored to fit your unique needs, claims are processed swiftly and accurately, and customer service is available around the clock. Welcome to the transformative era of generative AI in insurance.

McKenzie Intelligence Services (MIS) has announced the launch of a cutting-edge AI damage classifier to enhance its human intelligence-led damage assessments for insurers following catastrophic events.

Company News

McKenzie Intelligence Services unveils AI damage classifier to revolutionise insurance assessments

June 5, 2024

McKenzie Intelligence Services (MIS) has announced the launch of a cutting-edge AI damage classifier to enhance its human intelligence-led damage assessments for insurers following catastrophic events.

Artificial intelligence (AI) and geospatial imagery are revolutionising the insurance industry, enhancing everything from underwriting and risk assessment to claiming processes. By integrating AI with high-resolution geospatial data, insurers can gain unprecedented insights into the specific risks associated with a given location. Location plays a critical role in insurance, influencing the likelihood of natural disasters, crime rates, and other factors that impact policy pricing and claims. Leveraging AI allows insurers to analyse vast amounts of data quickly and accurately, identifying patterns and predicting risks with greater precision than ever before. This innovative approach not only improves the accuracy of risk predictions but also streamlines the underwriting process, making it more efficient and effective. As insurers continue to adopt AI and geospatial technology, they can offer more tailored policies, better manage risk, and enhance overall customer satisfaction. A key component of this technological shift is geocoding, which involves converting addresses into geographic coordinates. This enables insurers to pinpoint the exact location of an insured property, facilitating more precise risk assessments. Geocoding enhances the accuracy of data, allowing for more detailed analysis and better-informed underwriting decisions. As part of the esteemed Professional InsurTech Certificate, Jon Lipinski – Co-Founder & President at Ecopia AI - explained how geocoding is becoming the new standard for insurers - and could in fact highlight thousands of under/overpriced properties. Lipinski explained, "To give a bit of background about geocoding: if you ever enter an Uber and the pin is down the street or on the wrong building, that's a geocoding problem. Whenever anyone is insuring your property, they want to understand where it is and what the associated risks of that area are. So getting the location of the building and understanding that for decision-making purposes is, of course, very important.Going back about 20 years, the industry was very focused on street-level geocoding, which doesn't accurately represent the location of the building. In recent years, there's been a big push towards building-based geocoding. "Take this case: you enter an address and want to know if it's in a flood zone or out of the flood zone. The parcel centroid might indicate that it's out of the flood zone and actually safe. But if you know the location of the actual buildings, you'll see that these buildings are well within the flood zone. They would not pass that test and should not be insured or should be priced at a much higher rate. So these properties will be underpriced. "There's also the opposite scenario where you enter an address and get a coordinate in the center of the parcel that's within the flood zone, while the actual buildings are outside the flood zone and are safe, leading to overpricing these scenarios. "We ran this analysis across the entire United States, and this heat map shows where the inaccuracies reside. We found that over a million properties across the United States were underpriced for flood insurance alone, and that doesn't even consider other perils like fire, hail, or hurricanes. "We realised that for just this one peril, there's approximately $43 billion of unrealised risk across the United States as a direct result of inaccurate geocoding. Additionally, there are another 600,000 properties that were overpriced. This highlights how a seemingly small geocoding point can extrapolate into a very large problem if not handled carefully." To listen to the whole presentation, enrol in the Professional InsurTech Certificate. About the Professional InsurTech Certificate: The Professional InsurTech Certificate course offers a comprehensive and practical exploration of Insurance Technology (InsurTech) for professionals operating in the insurance industry. With a focus on practical applications, the course covers vital topics including the fundamentals of InsurTech, adoption strategies for insurance companies, regulatory perspectives, data analytics, customer engagement, claims processing, risk assessment, and emerging technologies like AI and ML tailored specifically for the insurance sector. Distinguished by its holistic approach to the InsurTech landscape, this course integrates real-world case studies with insights from leading InsurTech innovators and senior leaders from insurance companies. You can enrol here.

Company News

Leveraging AI and geospatial imagery for insurance risk prediction

June 5, 2024

Artificial intelligence (AI) and geospatial imagery are revolutionising the insurance industry, enhancing everything from underwriting and risk assessment to claiming processes. By integrating AI with high-resolution geospatial data, insurers can gain unprecedented insights into the specific risks associated with a given location.

1Fort, a leading VC-backed InsurTech, has announced the launch of its cutting-edge AI platform that enables brokers to instantly quote from leading specialty markets.

Company News

1Fort launches AI-driven platform to revolutionise insurance broking

June 3, 2024

1Fort, a leading VC-backed InsurTech, has announced the launch of its cutting-edge AI platform that enables brokers to instantly quote from leading specialty markets.