How will “Strong” Artificial Intelligence Impact Insurance?

(Image credit: AdobeStock.) While artificial intelligence (AI) is already in use across many industries, it is projected to grow exponentially in future. So called “weak” AI—such as today’s chatbots—in coming decades will give way to more human-like “strong” AI, which will probably disrupt current business models. How will insurance be affected? How can insurers prepare? Current AI Trends Artificial intelligence (AI), or machine learning, is…

Tokio Marine Licenses Metromile’s Connected Intelligence Platform

(Photo credit: Shinichi Morita.) Tokio Marine Holdings, Inc., a Tokyo-based global P&C insurance group, has become the first insurance carrier to license U.S. pay-per-mile auto insurer Metromile’s (San Francisco) Connected Intelligence Platform. Metromile has announced that it seeks license the platform to other insurers looking to take advantage of its artificial intelligence (AI) and machine learning to digitize, improve combined ratios,…

RMS Launches Risk Intelligence Platform for The Risk Market

(RMS CEO delivering the keynote address at Exceedance 2019 in Miami.) RMS (Newark, Calif.) unveiled Risk Intelligence, which the vendor describes as an open and flexible platform built to enable better risk management and support profitable risk selection, at its Exceedance 2019 conference in Miami. RMS announced that it is sunsetting the RMS(one) platform. Karen White, CEO, RMS. “We understand that the success of our clients requires building…

Accenture and IPsoft Team on Amelia Practice to Accelerate AI Adoption

(Image source: Accenture.) Accenture (Dublin) and IPsoft (New York) have announced the creation of an Accenture Amelia practice, designed to accelerate client adoption of artificial intelligence (AI) to improve business outcomes and create new growth opportunities for their businesses. Accenture will use IPsoft’s Amelia platform to develop go-to-market strategies, solutions and consulting service offerings around deployments of virtual agent…

Mitchell Releases Artificial Intelligence-Enabled Claim Review Solution

(Image source: Mitchell.) Mitchell International (San Diego), a provider of technology, connectivity and information solutions to the property/casualty claims and collision repair industries, has launched Mitchell WorkCenter Assisted Review, which the vendor claims is the first integrated workflow solution to leverage artificial intelligence for the estimate review process. By using visual computing to analyze photos, the solution uses…

Artificial Intelligence in the Insurance Value Chain: A Conversation with Ajira AI

(Image credit: Gerd Altmann.) Artificial intelligence is hotter than ever in insurance because the industry reached a point where viable AI-based solutions are now being deployed successfully. It’s hard to overestimate the long-term potential of AI—some commentators characterize the technology as bringing nothing less than the second industrial revolution. Adoption of AI is still in a pioneering stage within the insurance industry, where…

How Artificial Intelligence Can Power Insurers’ Digital Future

(Image credit: Adobe Stock.) With the talk of digital transformation, Internet-of-Things and artificial intelligence (AI), it’s easy for insurers to think they are behind the innovation curve. Many only recently mastered the claims automation process and moved a step closer towards digitization—and with good reason. Replacing paper-based processes with end-to-end digital workflows can save insurers billions every year. According to the…

Interactive Intelligence Offers Cloud Services for Customer Engagement, Communication, Collaboration

(Photo credit: Michael Jastremski.) Interactive Intelligence Group, an Indianapolis-based vendor of contact center related solutions, has announced the launch of PureCloud, a suite of cloud-based application services for communications, collaboration and customer engagement, scheduled for the fourth quarter of 2014. Based on what the vendor describes as new distributed cloud architecture built on Amazon Web Services, PureCloud is designed to…

AI and New Technology Adoption in Commercial Lines and Workers Comp

…Insurance carriers that are able to anticipate change and incorporate it into their data collection and transaction processing early will benefit from better outcomes of machine learning and artificial intelligence algorithms….