The insurance industry has always dealt in data, but it hasn’t always been able to put that data to optimal use. Until now.
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 14 real-world AI insurance applications.
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.
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.
Industry impact: CCC recently released what it claims to be the world’s first in-production AI solution for collision estimates.
Location: 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.
Industry impact: Lemonade recently announced plans to expand into Europe.
Location: Los Angeles
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.
Industry impact: ZestFinance recently partnered with Prestige Financial Services to offer what is reportedly the insurance industry’s first “fully explainable machine learning model to predict borrower risk.”
Location: Mountain View, Calif.
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.
Industry impact: Cape recently raised $17 million in a Series B funding round.
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.
Location: Phoenix, Ariz.
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.
Location: Palo Alto, Calif.
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.
Industry impact: Last year, Nauto received $159 million in funding from SoftBank and G.M.
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.
Location: San Francisco
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.
Industry impact: H2O.ai recently partnered with IBM to combine H2O’s Driverless AI with IBM POWER Systems to benefit a variety of industries.
Location: Northbrook, Ill.
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.
Industry impact: Another AI-powered tool, Amelia, helps Allstate’s representatives get answers to questions while customers are on the line. The cognitive agent reportedly handles more than 250,000 conversations per month.
Location: Wilmington, N.C.
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.
Location: San Francisco
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.
Industry impact: The company’s new EverString Data Platform was released in January 2018 to provide users with reliable and constantly updated data.
Location: Danville, Calif.
How it’s using AI in insurance: Trov’s on-demand property insurance platform uses AI chatbots to facilitate smart protection and claims submission.
Industry impact: Trov recently became available in the U.S. following successful launches in the U.K. and Australia. Right now it’s available in Arizona and regulator approved in many other states.
Images via social media, Built In archives, screenshots of company websites and Shutterstock.