Artificial Intelligence is today the most important technology worldwide, a global challenge even between superpowers, China and the United States above all, both for the civil and military applications it may have, and to be a driver of disruptive transformations in many other industries. One of these is the financial and insurance sectors, whereby artificial intelligence is the basis for driverless cars, robo-advisors, chatbots, cutting-edge search engines, analytics systems, and security.
AI is the technology behind the enormous amount of data that can be collected via connected devices, sensors, social networks, platforms, travels on the network, allowing us to radically revise our approach to risk modeling, pricing, customer and claim management.
Techemergence has identified three macro-categories where artificial intelligence applications will bring about major changes for insurance purposes and therefore should be known by all company managers.
First of all, there will be a different way to set prices: the Internet of Things in fact allows a transition from surrogate to real data, making it possible to monitor actual behavior and events in real time (Behavioral Premium Pricing). Thanks to the large amount of data that the connected devices, platforms and sensors provide, Companies can offer insurance solutions increasingly rewarding for the policyholder, since more in line with his/her risk profile. Examples can be found in car policies, where, thanks to telematics, the “prudent driver” (based on reliable data and not on statistics) can now be rewarded with a less expensive policy since less risks are incurred. Similarly in the health sector, thanks to the data provided by wearable devices, a policy can be less expensive if the customer adopts correct lifestyles, such as doing more physical exercise.
In the smart home sector, the new connected technologies allow companies not only to be a trustworthy partner in damage prevention, but also to expand business towards hardware products (i.e. smart home devices).
Another category where AI will bring benefits is the customer experience and policy customization: AI will allow an automated and extremely simple purchasing experience, using chatbots that can leverage customers’ geographic and social data to offer customized interactions. Just consider the insurtech startup Lapetus Solutions that developed a facial analysis software which uses selfies to analyze the body mass index, gender and also the physiological age of the person.
Finally, the settlement of claims, one of the most critical aspects for the insurance industry to date, both on the customer side (for the bureaucratic delays often related to reimbursement), and on the company side for fraud problems.
In this case, AI provides not only speed and efficiency, but also certainty. Online interfaces and virtual claims experts will make the settlement and payment of claims following an accident more efficient, while reducing the risk of fraud. Just one example among many: Lemonade, a startup that managed to settle a claim in 3 seconds..
(To learn more, here is the original article in English)
9 projects to bring artificial intelligence into insurance processes
The partnership between Companies and startups is fundamental. In recent months, AI WorkLab, an initiative promoted by LVenture Group in partnership with BNL Gruppo BNP Paribas, BNP Paribas Cardif, Sara Assicurazioni, Cerved Group and Payback, has selected 9 very promising AI projects for insurance.
Here they are:
1 – AI Med is a speech assistant for home health that, on the basis of data collected through IOT and wearable devices and processed by the AI engine, warns people about possible future diseases;
2 – Getcoo has developed DART (Direct Acquisition and ReTrieval), a proprietary AI technology for Content-Based Image Retrieval (CBIR) that identifies specific objects rather than categories compared to competitor’s solutions;
3 – MultiplAI uses AI technology in the healthcare sector, focusing on the complex integration of multimodal data to create new knowledge and clearly identify therapies and drugs that will produce the most effective results for each patient;
4 – MyMedReport is an encrypted cloud platform efficiently connected with the user, private analysis laboratory and treating physician that offers a complete and smart management service of blood analysis;
5 – Pigro offers virtual assistants for customer care, able to reply up to 70% of requests without any human intervention, retrieving the answers from existing data sets;;
6 – Priya is the first multisensory AI equipped device that takes care of children from the first days of life, keeping a watchful eye on their state of well-being and promptly alerting parents in case of need with detailed alerts, in real time, on the smartphone;
7 – Secretairy is a chatbot allowing to receive customized reports through messages or emails, thus improving companies’ efficiency;
8 – TrueYou provides accurate psychometric analysis of users’ personalities, using their social profiles to match consistent personalities and thus helping to have more meaningful and unbiased interactions;
9 – Verse is a platform using crowdsourcing and blockchain to enable each AI to learn how to communicate more fairly and efficiently, providing people with ownership over their work and companies with essential tools to create better artificial intelligence.
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