25 Ways AI is Giving the Insurance Industry a Modern Makeover

April 15, 2019
Updated: September 20, 2019
Written by Mike Thomas

The insurance industry has always dealt in data, but it hasn’t always been able to put that data to optimal use. Until now.

AI in Insurance

AI helps the insurance industry put their massive amounts of data to optimal use. Insurers are using artificial intelligence to craft individualized policies, automate time-consuming back-end processes and provide estimates with greater accuracy to customers all over the world.

With the rise of artificial intelligence, which analyzes and learns from massive sets of digital information culled from public and private sources, insurers are embracing the technology’s many facets — from machine learning and natural language processing to robotic process automation and audio/video analysis — to provide better products.

Customers, too, are benefitting — from comparative shopping and lightning-quick claims processing; 24/7 service and improved decision management.

Check out these 25 real-world AI insurance applications.

Insurify AI in insurance
Insurify

Insurify

Location: Boston, Massachusetts

How it’s using AI in insurance: With the help of a smart and always-on-call virtual agent named Evia, Facebook Messenger’s Insurify instantly verifies customer data to compare real-time quotes from carriers in various zip codes and provide coverage recommendations. Its engine quickly finds the best insurance for each user based on that user’s profile.   

 

CCC AI in insurance
CCC

CCC

Location: Chicago, Illinois

How it’s using AI in insurance: CCC provides an AI solution for vehicle collision estimates. Called CCC Smart Estimate, it blends estimating logic and AI photo analytics to come up with suggestions for estimators to help them make better claims estimates more quickly and accurately.

 

Lemonade AI in insurance
Lemonade

Lemonade 

Location: New York, New York

How it’s using AI in insurance: Lemonade provides paperless and personless renters and homeowners insurance using chatbots and AI to create policies and handle user claims via desktop and mobile. Customers can choose which nonprofit organizations receive underwriting profits as part of the company's annual “Giveback” initiative.

 

ZestFinance AI in insurance
ZestFinance

ZestFinance

Location: Los Angeles, California

How it’s using AI in insurance: ZestFinance’s automated machine learning tools lets lenders more effectively gauge risk and reach potential new customers by harnessing a wealth of traditional and non-traditional data to achieve better predictions. The ultimate goal is to help companies boost underwriting profits while diminishing risk.

 

artificial intelligence applications insurance clearcover
Clearcover

Clearcover

Location: Chicago, Illinois

How it’s using AI in insurance: Clearcover uses artificial intelligence to insure users and quickly process claims. After filling out a basic questionnaire, Clearcover users can receive AI-generated quotes and choose the one that best fits their needs. And if users are ever involved in an accident, they need only to snap a few pictures and fill out a short form. The company takes it from there.

 

artificial intelligence applications insurance flyreel
Flyreel

Flyreel

Location: Denver, Colorado

How it’s using AI in insurance: Flyreel is an AI underwriting solution for property insurance. With a conversational AI assistant, a proprietary computer vision system and detailed property reports, Flyreel’s platform speeds up the underwriting process. It also gives underwriters a holistic view into property, claims and risk management data that helps them deliver more accurate assessments.

 

artificial intelligence applications insurance inshur
INSHUR

INSHUR

Location: New York, New York

How it’s using AI in insurance: INSHUR is a mobile-first way to purchase car insurance for TLC insurance (Limo, taxi, rideshare drivers, etc.). Powered by AI, the INSHUR app lets professional drivers search a variety of quotes and purchase a policy that best fits their needs. Additionally, users can transfer existing policies, report claims and get real-time alerts.

 

Cape Analytics AI in insurance
Cape Analytics

Cape Analytics

Location: Mountain View, California

How it’s using AI in insurance: By applying deep learning and data science to geospatial imagery (as opposed to using slower and more expensive traditional methods, like tax records and on-site inspections), Cape Analytics provides property risk and value information to companies that finance and insure homes and businesses.

 

ai insurance galaxy ai
Galaxy AI

Galaxy AI

Location: Boston, Massachusetts

How it’s using AI in insurance: Galaxy AI provides automated claims processing via its product Galacticar. A machine vision and deep learning tool that speeds up the processing process, Galacticar lets users submit claims through a smartphone app and reportedly increases claims efficiency by prioritizing high severity submissions.

 

Insurmi  AI in insurance
Insurmi

Insurmi 

Location: Phoenix, Arizona

How it’s using AI in insurance: Insurmi uses AI to provide automated and conversational customer service as it guides users from calculating life insurance coverage to buying a policy. It's dashboard, Chat Tracker, can integrate with enterprise solutions like Salesforce and helps providers keep track of customer progress in real time.

 

Nauto AI in insurance
Nauto

Nauto

Location: Palo Alto, California

How it’s using AI in insurance: One of driverless car company Nauto’s goals is to help commercial fleets avoid collisions by reducing distracted driving. The company’s AI-powered driver safety system — which boasts dual-facing cameras, computer vision and proprietary algorithms — assesses how drivers interact with vehicles and the road to pinpoint and prevent risky behavior in real time.

  

Solaria Labs AI in insurance
Solaria Labs

Solaria Labs 

Location: Singapore

How it’s using AI in insurance: Liberty Mutual’s Solaria Labs uses AI to assess vehicle damage and quickly provide repair estimates post-accident. The company’s Auto Damage Estimator does this by using anonymous claims photos for comparative analysis.

 

ai insurance h20.ai
H2O.AI

H2O.ai 

Location: San Francisco, California

How it’s using AI in insurance: H2O.ai’s open source machine learning platform helps data scientists and developers at insurance companies build smart applications that improve risk management, fraud detection, customer retention, marketing efforts and more.

 

AI in insurance Allstate/ABIE 
Allstate

Allstate/ABIE 

Location: Northbrook, Illinois

How it’s using AI in insurance: Allstate’s ABIE (“Abbie”) is an AI-powered tool that helps small businesses gets answers to questions and locate critical documents via an onscreen avatar that can have naturalistic conversations with insurance agents. ABIE reportedly fields more than 25,000 inquiries a month, finding answers through the use of contextual knowledge and intelligent content.

 

Lapetus Solutions  AI in insurance
Lapetus Solutions

Lapetus Solutions 

Location: Wilmington, North Carolina

How it’s using AI in insurance: Lapetus Solutions works with prediction dependent industries, including the insurance sector, to improve the overall assessment process. With the help of machine learning techniques, the company builds sensory analytics algorithms that provide real time results. 

 

ai insurance everstring
EverString

EverString

Location: San Francisco, California

How it’s using AI in insurance: EverString employs AI technology to develop a predictive analytics platform that automates industry classification, predictive risk modeling, anomaly flagging, growth quantification, hiring aggregation and stability indication to find the best customers.

 

Trov AI in insurance
Trov

Trov

Location: Danville, California

How it’s using AI in insurance: Trov’s on-demand property insurance platform uses AI chatbots to facilitate smart protection and claims submission.

 

artificial intelligence applications insurance jerry
Jerry

Jerry

Location: San Francisco, California

How it’s using AI in insurance: Jerry is an AI insurance tool that automatically checks if users are paying the lowest optimal rates for insurance policies and loans. It reportedly takes roughly 45 seconds for users to complete an initial questionnaire, then Jerry generates competing quotes from all major insurance companies that compare to the user’s current coverage and give them the fairest and most competitive rate.

 

artificial intelligence applications insurance betterview
Betterview

Betterview

Location: San Francisco, California

How it’s using AI in insurance: Betterview’s AI insurance platform analyzes data to assess damage, mitigate risk and help users make informed decisions. The company’s platform is used by building owners and potential buyers to understand historical data and detect damage, so buyers and renters have a holistic idea of their current, and potentially future, insurance costs.

  

artificial intelligence application insurance claim genius
Claim Genius

Claim Genius 

Location: Iselin, New Jersey

How it’s using AI in insurance: Claim Genius’ AI photo and video analysis platform provides instant damage estimates, reducing the cost and time commitment involved in claims processing. By deploying its patent-pending media analysis and predictive analytics tool on user-taken accident photos and videos, the company aims to reduce claims expenses and processing time by up to 50%.

 

artificial intelligence applications insurance traffk
Traffk

Traffk

Location: Los Angeles, California

How it’s using AI in insurance: Traffk’s AI analyzes a wider range of data points to make the underwriting process more efficient. The SaaS-based insurance platform combines artificial intelligence with data science and machine learning to pull millions of relevant data points that speed up the underwriting lifecycle for a variety of insurance categories such as life, disability and health.

 

artificial intelligence applications insurance skywatch
SkyWatch

SkyWatch

Location: Palo Alto, California

How it’s using AI in insurance: SkyWatch knows that drones are expensive investments, so it’s using AI to collect data that will help drive down the cost of insuring them. SkyWatch’s AI maps potential hazards in real-time, generating post-flight analysis and insights that give operators a better understanding of in-flight safety issues. Users can also calculate and purchase on-demand drone policies directly from the SkyWatch app.

 

artificial intelligence applications insurance avaamo
Avaamo

Avaamo

Location: Los Altos, California

How it’s using AI in insurance: Avaamo is an artificially intelligent chatbot for the insurance industry that is used to streamline customer service, analyze policy information and recommend claims. Other functions include data gathering and policy binding during the underwriting process.

 

artificial intelligence applications insurance ai insurance
AI Insurance

AI Insurance

Location: Mountain View, California

How it’s using AI in insurance: AI Insurance builds claims management software tools for small insurance companies that automate tedious processes and let users access a wider range of data in real-time. The company's custom-built tools allow smaller insurance agencies to focus their time and money on other high-level tasks.

 

artificial intelligence applications insurance galaxyai
Galaxy.AI

RiskGenius

Location: Overland Park, Kansas

How it’s using AI in insurance: The RiskGenius platform applies custom algorithms and workflow modules to better understand policy language. By automating policy processes, RiskGenius aims to streamline insurance claims in order to save companies time and money.

Images via social media, Built In archives, screenshots of company websites and Shutterstock.

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