Technology companies today can run the gamut from those resembling traditional manufacturers to others dabbling in artificial intelligence or emerging tech – which are more difficult to insure. This variety means both insurers and brokers need to thoroughly understand a…
We’ve all seen stories about AI and what programs like ChatGPT will mean for the future of work. The general consensus – for now at least – is that it won’t replace insurance brokers. But as this technology becomes more…
It’s 2035 and a maritime court has convened to determine who’s at fault when a seagoing vessel made an error in passage planning – a safety exercise that maps a voyage from start to finish, including harbour navigation and docking.…
Millions in insurance premiums each year in Canada could be at risk due to poor claims experiences and process inefficiencies, but artificial intelligence (AI) technologies can mitigate these losses and create efficiencies that bring in more dollars, a new report…
Data automation has created an emerging risk: AI can develop unintended biases within its own data that can yield unfair results and potentially harm a client’s business. Although it’s not the only risk associated with AI, the potential for a…
Now that the global pandemic has expedited the use of artificial intelligence in auto insurance claims processing, carriers are left with a simple choice, according to one industry AI expert — invest or be left behind. The promise of processing…
Brokers wanting to take advantage of artificial intelligence and machine learning need large amounts of data and to hire the correct experts. If a company wants to effectively build and deploy artificial intelligent and machine learning systems, it needs a…
To compete in a digital world, the insurance industry needs to hire data scientists and computer programmers, Virtual Symposium B.C. attendees heard last week. “Every insurance organization is going to look at new roles that they never had before,” said…
Auto insurers could potentially use artificial intelligence to improve risk segmentation but some of the newer modelling techniques may not be a good fit with the way rates are currently regulated, a data science expert for one insurer suggests. Ontario’s…
Invoice processing and after-hours self-service are among the processes you could be automating today with advanced computing technologies. Aviva Canada has automated the reconciliation of invoices, the company’s chief claims officer, Bryant Vernon, reported during a Canadian Underwriter webinar Thursday.…
Despite the pandemic-induced economic downturn, an insurtech that promises tenants quotes within minutes started trading this week on the New York Stock Exchange. Shares of Lemonade Inc. rose sharply July 2, closing at US$69.41, more than double the price at…
Brokerages who use artificial intelligence could find opportunities to upsell based on changes in a client’s lifestyle, according to a software vendor executive. The more data you feed a machine learning model and the more you train it, the better…