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If you build it, will they come? AI’s transformative power has an unintended consequence of creating high expectations.  In practice, however, only a small percentage of AI-powered solutions for insurance’s unstructured data challenges ever progress into actual production in underwriting and claims operations.  👉Why does this happen, and what can you do to avoid being a statistic?  In our latest article, “Smarter AI: Follow the Money,” AI research, Insurtech investment and machine learning engineering leaders deliver their proven guidance and insights on: 🔍Finding vertical AI tools to dovetail with your existing systems.  🖥️Why you should have solutions pre-trained on insurance data and processes at the top of your list  ⬇️ Ways to reduce friction around compliance and governance to ensure rapid AI adoption.  Click for experts’ views on the best options for maximum ROI from your AI spend. https://lnkd.in/epnG9fVw #AI #Underwriting #Claims #Insurtech #DigitalCoworkers 

I'm thrilled to share my insights on overcoming AI challenges in insurance through #InsuranceThoughtLeadership. In my piece, I discuss strategies for scaling generative AI, promoting collaboration, and optimizing ROI to enable impactful transformation in this dynamic industry. A big thank you to Paul Carroll!

In this BrokerTech Ventures News article, CIO Matt Kulangara shares a vision that sees Artificial Intelligence (AI) as a tool for augmentation rather than replacement in the insurance industry. He explores how AI can enhance brokers' expertise and amplify their strengths, all while staying anchored to industry traditions. Discover the potential of AI and learn how it can empower brokers in providing efficient, scalable, and improved customer experiences. https://lnkd.in/gp5w2BUK #AI #wsinthenews #TechInnovation #InsuranceTechnology

In his latest article on Insurance-Edge.Net, our very own Erez Barak delves into the transformative potential of AI and machine learning, highlighting the opportunities and challenges facing the industry. Discover how AI is revolutionizing core systems, underwriting practices, and customer experiences while ensuring transparency and ethical use. Read more >> https://bit.ly/3RaExEP #insurance #AI #ML

As insurers chart their course through the vast landscape of AI opportunities, adopting a strategic approach is essential to unlock sustainable growth and spark innovation. Dive into this dynamic framework for an AI strategy that transforms mere hype into a powerful engine for growth. 🚀 Read the post: 👉 https://hubs.la/Q02VRN4X0 #AIInnovation #InsurTech

Andrew Johnston of Gallagher Re emphasizes that #insurtechs’ focus should be on applying technology to create value and efficiencies in the industry, not #AI for its own sake. “To do that, the technology firm must understand the insurance industry well enough to know the right applications.” “Until recently, some #insurtechs were trying to sell the technology as the proposition and that the value is inherently in the technology. But it’s not; it’s the application of that technology and how it can improve or transform traditional commercial success criteria." “So, I think that the #insurtechs that are doing well and will continue to do well are those that understand the pain points in our industry, who are as focused on the ‘what’ as much as the ‘how’.” I agree with this point. In addition, I do think AI will transform our (and other) industry more fundamentally. We will move from a patchwork of use cases to a strategic rethinking of how we do business. This is not a faster horse, it's a automobile.

In his latest article on Insurance-Edge.Net, our very own Erez Barak delves into the transformative potential of AI and machine learning, highlighting the opportunities and challenges facing the industry. Discover how AI is revolutionizing core systems, underwriting practices, and customer experiences while ensuring transparency and ethical use. Read more >> https://bit.ly/3RaExEP #insurance #AI #ML

In his latest article on Insurance-Edge.Net, our very own Erez Barak delves into the transformative potential of AI and machine learning, highlighting the opportunities and challenges facing the industry. Discover how AI is revolutionizing core systems, underwriting practices, and customer experiences while ensuring transparency and ethical use. Read more >> https://bit.ly/3RaExEP #insurance #AI #ML

AI will help the Insurance Industry with the data. Now, industry tries to migrate the data to cloud and it is the best solution for the future. But, who owns the data? Insurance Company or some one else? The data elements and data are not standard currently, varies by insurance companies and Insurance Products. Example: Insurance Product Company does not want to follow the ACORD/NCCI/ISO standards. It will be the biggest challenge to Insurance Industry to evaluate and maintain the data in a single place. Insurance company will face a lot of challenges and no one take responsibility to do the data mapping and costly. Currently, there are so many system with Mainframe, Desk top, web based and cloud. My opinion, the solution would be regulatory requirement for any Insurance Product Company that sells the product to Insurance company, need to get the approval from state before selling the product to Insurance Company and the standard should be according to the ACORD/NCCI/ISO. Example: Electric outlet is standard for a country. Otherwise, very small company cannot do the profitable business even though they are very smart underwriters.

Exciting news! IntellectAI has launched a cutting-edge technology that processes loss runs instantly with over 95% accuracy and zero manual intervention. Our no-touch extraction tool is a game-changer, saving time, cutting costs, and enhancing underwriting. Click on the link to learn more about this innovative solution. #Insurtech #AI #innovation