Insurtechs seek to capitalize on AI deployment - Business Insurance
LAS VEGAS — The insurance industry has been quietly deploying artificial intelligence, in some cases for years, and its use is increasing as the technology matures rapidly. AI has been used nearly everywhere, from enhancing efficiency in routine processes to refining customer interactions and experiences, sources said in interviews at the 2024 InsureTech Connect conference in Las Vegas last week.
AI in Operations
AI has been central to CoreLogic Inc.’s operations for a long time, said Jesse Herrera, San Diego-based executive vice president, global products and operations, insurance solutions. Among the “compelling and interesting use cases” for which AI has been deployed is in structuring and sifting large amounts of raw data and analyzing imagery from various sources.
AI Application in Cyber Security
San Francisco-based CyberCube Inc., which builds models to help quantify cyber exposures for brokers, insurers, reinsurers, and others, has used AI since the company’s inception and employed Open AI models and application program interfaces since 2021, said CEO Pascal Millaire.
AI in Customer Interactions
Artificial intelligence seamlessly combines customer contact channels from instant messaging to live conversations. Using AI, companies can easily engage with customers through various digital platforms.
AI in Insurance Underwriting
Commercial insurers and others in the sector are deploying artificial intelligence to meet various challenges, from process automation to ingesting data for underwriting. However, the importance of keeping humans in the loop for all operations is emphasized to ensure accuracy.
AI in Insurtech Investments
Artificial intelligence will help to reinvigorate the insurtech investment sector. Technology uptake is on the rise among brokers, insurers, and others. Despite challenges, early-stage funding in the insurtech sector continues to be robust.
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