Tag: IntellectAI

In the realm of InsurTech, the ability to accurately assess risk, calculate premiums, and determine policy renewals hinges significantly on understanding historical losses.

In the high-pressure world of insurance underwriting, falling into autopilot is an easy yet dangerous trap. This risk is heightened when underwriters face a continuous stream of similar accounts, leading to quick decision-making that might overlook critical details.

FinTech and InsurTech are rapidly evolving, consistently introducing game-changing technologies, among which embedded AI and generative AI stand prominently. These advancements aren’t mere buzzwords but rather critical tools altering the landscape of commercial and specialty insurance, particularly in the realms of underwriting and customer experience.

Unless you’ve spent the past year under a rock, you’ll be aware of the excitement for generative AI. While many have used the technology to write emails, do homework or create CVs, generative AI could be one of the most transformative technology stacks to businesses. Laila Beane, the chief marketing officer at IntellectAI, the insurtech and wealthtech brand of Intellect Design Arena, recently delved into generative AI’s impact on insurance.

Research indicates that the Generative AI market is at a pivotal moment. According to Grandview Research’s Market Analysis report, the global generative AI market size stood at USD 10.14bn in 2022 and is poised to witness a compound annual growth rate (CAGR) of 35.6% from 2023 to 2030.

As InsurTech continues to become vital for the success of insurance companies, specialist research firm FinTech Global has released the sixth annual edition of its InsurTech100 list.