AI ON A BIG SCALE WILL GIVE INSURERS A HUGE COMPETITIVE EDGE

JEAN-FRANÇOIS GASC | July 3, 2019 | 136 views

Insurers that roll out AI solutions across their businesses will gain a substantial advantage over their competitors.Most big insurers have begun experimenting with artificial intelligence (AI) applications. Some have even begun implementing AI solutions. Few, however, have rolled out AI applications at scale across their organizations.

Spotlight

Pilot Catastrophe Service

Pilot is the leading catastrophe adjusting company for a simple reason: We develop and implement the best way to provide the highest level of service to our clients and their customers. In our 31 years in the industry, we’ve worked every major catastrophe event. Our customer-focused and highly trained adjusters are onsite in 24 hours with our field operations up and running and working claims for every type of loss—hurricanes, floods, earthquakes, wind and hail storms, ice storms, fires, environmental events, commercial and liability. Our financial stability allows us to deploy incomparable resources in support of our clients to ensure that the claims process is flowing smoothly, accurately and meeting specified standards. Our investment in the latest technology pays off in the reliability of uninterrupted communications, claims and reporting transmissions, access to needed information and client-specific training.

OTHER ARTICLES
INSURANCE TECHNOLOGY

How InsurTech-Insurance Partnership Delivers New Product Innovations

Article | July 20, 2022

In 2019, InsurTech funding reached $6 billion, acknowledging the pace that technology can bring to overcome the age-old Insurance problems, the State of AI in Insurance 2020 says. While Incumbents are known for their core competencies in end-to-end insurance processes (from underwriting to claims settlement and reinsurance), InsurTechs are enticing millennials with fully digital innovative products and solutions.

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INSURANCE TECHNOLOGY

The role of AI in enhancing claims experience for Insurance customers

Article | July 13, 2022

Insurance customers are most vulnerable when they file a claim. Be it life or general insurance, claims are filed in distress. This is also a critical moment for Insurers. The claims experience they deliver determines customer loyalty, which also influences referral customers in the long run. In the Insurance industry, where products and pricing among the competitors are almost the same, customer experience becomes the main differentiator.

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CORE INSURANCE, RISK MANAGEMENT

5 Deep Learning Use Cases for the Insurance Industry

Article | August 4, 2022

In 2010, with the launch of the Image Net Competition, a vast dataset of about 14 million labeled images was made open-source to inspire the development of cutting-edge image classifiers. This was when Deep Learning technology got it’s a real breakthrough and since then there’s been no looking back for advancements in this field.

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DOES YOUR INSURANCE COMPANY ACTUALLY NEED BLOCKCHAIN RIGHT NOW?

Article | February 10, 2020

Blockchain has great potential to create value for insurance organizations. But these are the three questions to ask before you make the investment. In my last post, I spoke about why teamwork is the key to unlocking blockchain’s true value. Today I want to talk about the key things to consider before pulling the trigger on investing in blockchain. Not because I want to deter you, but because it might not be the right solution for you at this time.

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Spotlight

Pilot Catastrophe Service

Pilot is the leading catastrophe adjusting company for a simple reason: We develop and implement the best way to provide the highest level of service to our clients and their customers. In our 31 years in the industry, we’ve worked every major catastrophe event. Our customer-focused and highly trained adjusters are onsite in 24 hours with our field operations up and running and working claims for every type of loss—hurricanes, floods, earthquakes, wind and hail storms, ice storms, fires, environmental events, commercial and liability. Our financial stability allows us to deploy incomparable resources in support of our clients to ensure that the claims process is flowing smoothly, accurately and meeting specified standards. Our investment in the latest technology pays off in the reliability of uninterrupted communications, claims and reporting transmissions, access to needed information and client-specific training.

Related News

Valued Policy Law and Total Loss

inredisputesblog | May 21, 2019

Typically, a fire insurance policy pays a policyholder for the actual cash value or the replacement value of the property destroyed. But in 20 states, if there is a total loss, the amount the insurer must pay is equal to the value of the property at the time the insurance policy was issued. What happens if the policy covers a multi-building complex and one of the buildings is destroyed? The Eighth Circuit Court of Appeals recently addressed this issue. In Norwood-Redfield Apartments Limited Partnership v. American Family Mutual Ins. Co., No. 18-2618 (8th Cir. May 16, 2019)(Unpublished), the appeals court affirmed a judgment in favour of the insurance company denying the policyholder’s claim to recover the full value listed on the policy of an entire complex of buildings when only one of the buildings was destroyed. The policyholder sued its insurance carrier after a fire destroyed one of the buildings out of 32 in the complex. The insurance carrier paid nearly $3 million for the loss, but the policyholder wanted the policy limits of over $31 million.

Read More

Valued Policy Law and Total Loss

inredisputesblog | May 21, 2019

Typically, a fire insurance policy pays a policyholder for the actual cash value or the replacement value of the property destroyed. But in 20 states, if there is a total loss, the amount the insurer must pay is equal to the value of the property at the time the insurance policy was issued. What happens if the policy covers a multi-building complex and one of the buildings is destroyed? The Eighth Circuit Court of Appeals recently addressed this issue. In Norwood-Redfield Apartments Limited Partnership v. American Family Mutual Ins. Co., No. 18-2618 (8th Cir. May 16, 2019)(Unpublished), the appeals court affirmed a judgment in favour of the insurance company denying the policyholder’s claim to recover the full value listed on the policy of an entire complex of buildings when only one of the buildings was destroyed. The policyholder sued its insurance carrier after a fire destroyed one of the buildings out of 32 in the complex. The insurance carrier paid nearly $3 million for the loss, but the policyholder wanted the policy limits of over $31 million.

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