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Omniscience Launches Life Insurance Underwriting Automation
About: California-based Omniscience has launched a life insurance underwriting automation suite for life insurance companies affected by the COVID-19 pandemic. It delivers cross-silo decision-making, considering the multiple layers of complexities, datasets, and the need for spontaneity that the insurance companies experience.
Process: Omniscience’s suite uses core ‘Omniscale’ technology, machine learning capabilities and organizational expertise and rules to handle a vast amount of data across various datasets and statistical insurance complexities. The platform additionally uses 'Risk Engine Megaservice' to evaluate each application to prepare a full risk profile and allocate the application to a best-match pricing group, as well as ensures that hidden risks are taken into consideration when making underwriting decisions. The suite optimizes findings by combining public and private data sources such as claims, health records, capital management and sales channels. The machine learning integrated platform can replicate senior underwriters' decisions and skills to provide 1,000 times more accuracy and reduce the cost of each decision by 90%.
What's Next: The COVID-19 has increased the life insurers' challenges of handling large volumes of data from various sources that require quick analysis with existing software and services. Omniscience's digital suite can be integrated to support insurers, experiencing the unforeseen challenges caused by the pandemic as well as their long-term market demands. The suite, equipped with a combination of technologies, allows Omniscience to provide adequate risk coverage to minimize business interruptions.
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RLI Taps Datacubes to Augment Underwriting Process with AI
About: US-based insurance firm RLI collaborated with DataCubes to apply machine learning in the insurance underwriting process. Datacubes is a data science platform providing technology to help RLI explore new approaches and enhance its delivery of products and services to insurance agents and policyholders.
Process: Datacubes’ machine learning platform optimizes the underwriting process by automatically digitizing the document submission required to obtain insurance. RLI leverages risk analysis and scoring tools provided by Datacube to automate information gathering and intake forms such as ACORD forms and loss runs. The AI augmented underwriting platform enables insurance firms to eliminate manual processes and offers faster and efficient quotes to insurance agents. It helps insurers to save time in collecting data on paper applications, reduce imaging costs and decrease human error.
What's Next: As the insurance market becomes more challenging, underwriters can focus on strategy and growth of its businesses by leveraging technologies such as artificial intelligence. Datacubes offers its services to the property and casualty (P&C) insurance firms and its artificial intelligence solution can help them increase the efficiency of their underwriting process.
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Lemonade Enabling Easier and Quicker Home Insurance Using AI Bots
About: Property and casualty insurtech player Lemonade, has tapped artificial intelligence capabilities to automate underwriting and processing of claims. It initiates referential checks against insurance policies and processes gathered data to quickly settle the policy holder’s claims.
Process: Lemonade has designed artificial intelligence-driven bot ‘Maya’. Policy buyers are required to go through a brief questionnaire through which 'Maya' analyzes data and suggests personalized insurance policies in accordance with their needs and coverage requirements, within a few minutes. Policy buyers can select the plan and instantly make payment through its app. It facilitates the policyholders to raise claims by connecting them with its bot 'AI Jim' in the event of any unlikely damages to their home property. The bot obtains damage related information for insured items and quickly screens the applicant’s claims to verify by running anti-fraud algorithms. 'AI Jim' processes the data and approves the claim within 3 minutes by notifying the policyholders, about the amount it transfers into their bank account. Lemonade eliminates the paper-based documentation and simplifies processing of claims.
What's Next: Lemonade addresses the challenges associated with the traditional method of processing of insurance claims. The tech disruptor capitalizes on AI-driven bot to avoid writing and submission of claims by policyholders, thereby digitizing insurance claim filing and improving the process efficiencies.
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Insurtech Zesty.ai Partners with Aon to Tap AI for Risk Analysis in Property Insurance
About: Zesty.ai enters into a partnership with Aon to advance property underwriting using artificial intelligence. Aon is a global professional services firm providing health, risk, and retirement consulting to enhance the underwriting of insurers.
Process: The partnership’s property data solution powered by artificial intelligence provides meaningful data insights to help insurers in risk analysis and informed pricing. These insights are based on the analysis of 130 billion data points on the US buildings and their surrounding characteristics which are captured through AI on updated satellite, aerial imagery and various data sources without visiting the premises. Insurers using Aon's distribution network can evaluate portfolio risk through Zesty.ai’s wildfire risk model which utilizes machine learning to gather property details such as building materials, weather patterns and topography. These aspects of individual property generate a predictive risk score that enables better risk analysis. Insurers also gain access to property insights for underwriting both catastrophic and non-catastrophe risk.
What's Next: The technology evolution helps Aon to deliver products that meet its clients’ needs in a more transparent and efficient way. Through the partnership, Aon drives values such as customer engagement, inspection cost savings, underwriting accuracy, and post-event claims analysis while Zesty.ai offers a data-driven solution for better underwriting process, risk management and enhanced customer experience.
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Risk Analytics
ExamOne Introduces Risk Identifier, an Innovative Tool for Insurance Underwriting
About: ExamOne (a Quest Diagnostics company) has launched an innovative underwriting tool, Risk Identifier to help insurers with their underwriting needs. The Risk Identifier delivers health-driven and real-time scoring models for individuals subscribing for life insurance policies. Risk identifier helps applicants to decide whether any additional laboratory testing or health results are required or not.
Process: Risk Identifier leverages Quest Diagnostics tools such as ScriptCheck (a prescription history tool) and QuestCheck (a clinical laboratory history product) to check the clinical and diagnosis history of customers availing insurance. Risk Identifies generates risk scored based on user’s current and past clinical diagnosis that allows insurance companies and agencies to automatically carryout underwriting and rate premiums accurately. Risk scores will help insurance to easily find out riskier applicants as high scores depict the need for additional underwriting requirement as compared to low risk score. The scores are driven by automated underwriting engines of Risk Identifier and are highly useful in cases of complex decision making.
What's Next: Risk identifier with its automated scoring model makes the underwriting process quick, efficient, and less costly. A qualitative assessment of an applicant’s health risk level can be driven by the scores obtained from Risk identifier, offering a novel underwriting model. ExamOne is developing other health products to help individuals learn more things about their own health and improve health outcomes, in turn reducing insurance premiums.
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Risk Analytics
Cytora - An Artificial Intelligence Platform For Commercial Insurance
About: Cytora is an artificial intelligence platform that helps commercial insurance companies to select, target, price, and manage risk. Using Cytora platform commercial insurers can reduce their loss ratios and manage premium rates, which helps them to deliver accurate price to customers. Driven by machine learning algorithms, the Cytora Risk Engine unlocks risk selection and targeting.
Process: Cytora’s AI-powered platform analyzes external data (gathered from company websites, news articles, social media, and government data sets) and client’s internal data using advanced machine learning algorithms. The data sets are structured, cleaned, and run through the algorithms continuously to helps insurance companies improve their customer base and overall productivity. Cytora improves the loss ratio by tuning portfolio continuously in respect to changing market dynamics, helping to identify profitable segments and automating processes that improve expense ratios.
Whats Next: The insurance space is saturated with a number of companies looking forward to improve premiums and expense ratios using emerging technologies such as artificial intelligence and data analytics. Cytora aims to bring AI-powered tools to commercial insurance, helping them to manage risk and improving overall business.
Octo Telematics Integrates SAS’ Analytics to Introduce its Insurance IoT Platform
About: Octo Telematics integrates SAS’ analytics in its new insurance IoT platform to help insurers better price risk, manage claims and engage policyholders. Through the partnership, the platform enables property and casualty insurance carriers to gain more business insights using IoT.
Process: Using the IoT and analytics, insurers can analyze a large set of driving and crash data along with traditional data directly in Octo's new platform. The combined analytics capabilities of SAS and Octo provide insurers with prebuilt scores, interactive dashboards and smart visualizations as well as SAS enterprise-level tools. This helps Octo in making insurance more profitable and personalized for both insurers and customers. The platform supports data life cycle from data ingestion, normalization and validation to data model deployment and generates meaningful insights from IoT data regardless of its quantity, type or speed.
What's Next: The insurance industry is struggling to improve their businesses in the tech-driven competition. The sensors connected to insurances for people, vehicle and homes provide the industry with the opportunity to transform their business with personalized insurance offerings and higher customer retention through engagement. Octo’s Insurance IoT platform combines both traditional and telematics data on a single platform enabling insurers to make better decisions and act instantly using the real-time insights that arise from data visualization, analytics and machine learning techniques.
Allstate Canada Debuts Telematics-Powered Safe Driving App
About: Allstate unveiled its driver safety app “Drivewise” to mark the National Road Safety Week in Canada. The app offers auto insurance savings to its insureds and empowers them to become better drivers as they adopt the safer practice. Drivewise allows drivers to earn safe driving points they can spend on merchandise, gift cards and local merchant offers regardless of whether they have an insurance policy with Allstate.
Process: Allstate personalized Drivewise app uses telematics technology to allow drivers to learn more about their driving habits after the completion of each trip. Participants can download the free app with the help of their local Allstate agent to their Apple or Android device. Once downloaded, it monitor’s a customer’s driving and provides them with detailed information on their driving and estimated savings based on speeds, hours and stops. Drivers exhibiting safe driving behaviours can save up to 30% on their annual auto insurance premium. Unlike most reward programs that generally require customers to make a purchase or pay their bill to earn points, users simply need to drive safely to benefit from Allstate Rewards.
What's Next: Allstate leverages telematics to better serve drivers and at the same time encourages safe driving that benefits everyone on the road. Its Drivewise app is available to Allstate auto insurance customers in Ontario, Alberta, and Nova Scotia with a planned rollout in Quebec in the near future.
Munich Re Selects The Floow to Augment its Telematics Consulting Offering
About: Germany Insurance Company Munich Re selected telematics firm The Floow to augment its telematics consulting offering. The partnership allows Munich Re to offer The Floow’s solutions and capabilities to its insurance clients across the world.
Process: The Floow’s data collection and scoring solutions will be integrated with Munich Re’s insurance product and expertise to offer a platform for insurance customers worldwide. These solutions allow insurers to price policy accurately, help engage drivers to enhance their performance and enable policymakers to design vehicles and road systems that meet the driver’s changing needs. The Floow’s platform works across any type of monitoring device such as smartphones and combines behavioural and contextual insights to turn it into a set of score that could deliver an improvement of 25% claims benefits. The telematics insurance clients can train these scores against claims data to better predict claim severity. Additionally, insurers can help improve driver’s behaviour via coaching modules and reward programmes to prevent accidents by 13%.
What's Next: Munich Re’s approach helps its partner, The Floow to extend the benefits of telematics to many more insurers and their customers worldwide. Its telematics solution has the potential to encourage better driving that could reduce accidents and financial costs associated with it.