ai startups

There are many startups working in AI implementation in insurance sector. 

AI Startups 

Fukoku Mutual Life—AI for claims data

 

Based on Watson IBM, the programme can automatically retrieve all case-related medical data, mine them for important information, and auto-calculate correct pay-outs. An agent authorizes and distributes the payout.

 

Outcomes?

 

Post-adoption, staff productivity and pay-out accuracy increased by 30%. Each year, more insurance companies investigate using AI for their claims procedures, including Fukou Mutual Life.

 

Lemonade

 

Lemonade, an InsurTech business estimated at $3.9 billion in 2020, uses AI in insurance. The business uses big data analytics and machine intelligence to complete insurance assignments. They've undercut larger firms in pricing, client acquisition speed, customer experience, and engagement. Lemonade is a wholly digital and deadpan easy insurance buying procedure.

 

Nanotrends.com

 

Jim, the AI claims experience bot, can manage the whole procedure. Jim handled 20,000 claims and consumer inquiries in 2019 and paid out $2.5 million without human intervention.

 

Why?

 

AI-enabled chatbots may enhance customer service, gather and analyses personal data, and process claims while lowering workflow and expenses.

 

 

 

Tokio Marine—Image recognition to estimate maintenance costs

 

Tokio Marine has used an AI-based computer vision system to inspect damaged cars. Japan's vehicle accident claims average 2-3 weeks. Tokio Marine anticipates AI-generated estimates for repairs, paint, and mix operations to minimize processing time. Allstate, MetLife, and Esurance all accept car images with claims. Not all of them use picture recognition to speed up appraisals and provide quicker, more accurate settlements.

 

Deep learning improves data ecology at AXA CZ/SK

 

AXA CZ/SK piloted a deep learning-powered tool to extract data from unstructured scanned documents. The AI programme auto-classified all incoming papers and retrieved hand-printed field values with 96% accuracy. Scaled effectively, an OCR system may save agents hundreds of hours and produce operational savings.

 

Anadolu Sigorta—AI fraud detection in insurance

 

Anadolu Sigorta evaluated Friss' predictive fraud detection solution. The business individually reviewed every claim for fraud for two weeks. With 25,000 to 30,000 per month, processing charges were considerable. The insurance firm switched to a predictive system to detect fraud in real time. In one year, they had a 210% ROI and saved $5.7 million in fraud detection and prevention expenditures.

 

Automobile Club—AI and SARA Assicurazioni for auto insurance

 

SARA Assicurazioni and Automobile Club Italia provide a 20% discount for installing ADAS equipment. ADAS systems prevent injury-causing crashes and encourage safer driving. Many insurers use AI to enhance their bottom line and client experience. AI startups provide insurers and clients with solutions. I'll discuss some fascinating examples.

 

 

Medicare

 

Accolade Inc's Maya Intelligence platform employs machine learning to assist patients and companies pick relevant and cost-effective health insurance. Accolade has 1.1 million customers.

 

Kirontech's KironMed software

Kirontech's KironMed software employs machine learning to assess medical claims and identify fraud or waste (underutilized services). Series A financing totaled $3.5 million.

SwissRe and Max Bupa Health partnered with GOQii

SwissRe and Max Bupa Health partnered with GOQii Health in 2018. GOQii employs wearable gadgets and its proprietary AI-driven 'wellness engine' to measure health vitals and deliver healthy living recommendations and danger reports. Insurers hope that working with or purchasing AI and tech-driven firms would lead to fewer claim payments and more appealing rates.

 

Insurance

 

Liberty Mutual's innovation incubator Solaria Labs launched a developer portal in 2017. This open API site mixes public and private data to provide better insurance solutions. A mobile software purportedly lets drivers examine automotive damage in real-time using their smartphone camera. The app calculates repair costs. The app's AI will be trained using vehicle accident photographs. Ant Financial, part of Alibaba Group, published Ding Sun Bao to evaluate automobile accident damage and handle claims. Ding Sun Bao utilizes machine vision to let drivers photograph their damaged automobile with a smartphone. The software compares the snapshot to its image database to assess damage, estimate repair costs, and predict the driver's future insurance rates. Ant Financial says the programme analyses losses and resolves claims in six seconds, while human adjusters take six minutes and 48 seconds.

 

Effectiveness

 

Allstate teamed with EIS to create ABIe (pronounced 'Abbie'). ABIe answered questions from Allstate insurance brokers who had switched products. ABIe processes 25,000 monthly enquiries using NLP.

 

Many sales agents encountered a high learning curve when switching product lines, and Allstate's contact centers were flooded with queries about new goods. Long wait times at call centers lead to missed business opportunities. ABIe might be a game-changer.

Maryam Saeed Dogar

 

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