Bringing AI to Insurance: The Role of Artificial Intelligence in InsurTech
Artificial Intelligence has brought massive transformation. Insurance companies deal in huge amounts of data and AI is helping make optimal use of it. With the appropriate AI powered tech tools, insurance companies can shed several everyday business burdens.
Modern insurers are using artificial intelligence to trade in individualized policies, automate the underwriting process and offer accurate estimates to their clients. Modern insurers are trying to embrace everything from natural language processing to machine learning, robotic process automation, to achieve better results today.
AI also helps customers put forward their claims easily and helps them get the best value from their insurance provider. Insurtech and AI together are disrupting the world of insurance.
A few known global AI insurtech platforms from around the world and how they help:
Offering a chatbot to create policies and handle user claims conveniently with the help of either a desktop or a smart phone, Lemonade can be a great tool to manage various paperless insurance transactions. The customers are given the opportunity to choose which nonprofit organization receive underwriting profits as a part of their annual giveback initiative.
Leveraging the power of artificial intelligence, Clearcover helps the insured users to process their claims faster. The only need is to fill out a basic questionnaire and once the form is filled, the platform will choose the one that best fits their needs. Even if an insured person meets with an accident, the claimant only needs to add pictures to the app and the company takes things forward from there.
Powered by AI advancements, INSHUR offers a great way to buy a car insurance easily for TLC insurance such as Limo taxis, rideshare drivers and so on. The professional drivers can select an insurance policy that best fits their needs. Additionally, this app helps the drivers claim their amount, transfer the existing policy and get real-time alerts.
Based out of Boston, Massachusetts, Galaxy AI is offering a tool called Galacticar. This tool helps to process claims faster with the help of machine learning. It is fast, efficient and effective. For a user, it is very convenient to submit the claims via the smart phone app. The app can line up the high severity cases on the top leading to a more effective way to handle the claims.
NAUTO is an innovative driverless car company aimed to help commercial fleets work effectively. The company has incorporated an AI based driver safety system with features like computer vision, dual-facing cameras and proprietary algorithms to assess the various risks on the roads and pinpoints the driver about potential risks.
Singapore based Liberty Manual’s Solaria Labs leverages the power of AI to assess vehicle damage. The tool offers a great way to quickly estimate the cost estimate of the car damage. The tools works with the help of its Auto Damage Estimator that creates a comparative analysis by observing the claim photos posted by the user.
Relay is bringing transformation to the reinsurance industry by unfolding innovative ways of doing the same. Relay is helping the insurance carriers place their reinsurance policies in a better way. The main features of the platform includes eliminating redundant efforts, accelerating the placement processes and alert you about the latest policies in the market.
Spot offers a great insurance initiative for people with active outdoor lifestyles. With Spot, one can buy insurance policies month on month to cater to their short term goals (camping, etc!).
Utilizing the benefits of Natural language process (NLP), Sorcero is a flexible platform and offers you solutions based on your specific needs and requirements. This platform can structure and manage huge amounts of unstructured data for all AI based applications creating a new and different level of domain understanding.
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These global Insurtech companies have proved that innovation and technology can reshape the insurance industry to drive fundamental change in processes.