Keyword
AI
Regulator looking into the ‘black box’ of auto rating models
January 24, 2023 by Jason ContantAuto insurance rating models are becoming so complex that Ontario’s regulator is looking not only at the inputs of these models, but now the outputs as well, attendees heard at an industry event last week. “There are concerns that these…
Why insurers risk losing millions in premiums without this tech
August 24, 2022 by Alyssa DiSabatinoMillions 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…
How to improve your customer’s buying experience
March 17, 2022 by Alyssa DiSabatinoDigitization is not slowing down, and so brokers and carriers need to improve customer service and a user’s online customer experience (CX), suggests a recent white paper by Reuters. According to the authors of Next Wave Insurance: Daring to be Different, the…
AI’s new risk: How brokers and insurers can protect clients
February 28, 2022 by Alyssa DiSabatinoData 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…
Montreal-made website uses AI to show impacts of climate change on any address
October 14, 2021 Tara Deschamps - THE CANADIAN PRESSTORONTO – Imagine Parliament Hill blanketed in orange skies, floodwaters climbing the sides of BC Place stadium or a thick layer of smog fogging the view of Halifax from Citadel Hill. These are all scenes depicted on a website published…
Claims talent spread thin? No worries: digitize your claims triage
December 5, 2019 by David GambrillWith talent spread thin in greying claims departments, insurers are looking to use AI to help digitize their claims triage process and other workflows. Officially, it’s called “intelligent process automation” (IPA),” a combination of workflow processes, automation and artificial intelligence…
What insurance executives fear will make them go out of business in 5 years
November 27, 2019 by Jason ContantForget about attracting talent, keeping up with rapid change, or complying with a myriad of regulations – what’s really keeping insurance executives up at night is scaling artificial intelligence (AI) for their business. According to a recent report from Accenture,…
Focus on these three areas when developing AI best practices
September 17, 2019 by Jason ContantFinancial institutions looking to adopt and develop best practices on the responsible use of artificial intelligence (AI) should focus on three areas: explainability, bias and diversity, experts say. A new TD Bank Group survey of 1,200 Canadians found that a…
How AI can help shape a more effective disaster response
June 7, 2019 by Jason ContantArtificial intelligence (AI) should be used not only to predict what will happen, but to shape and influence that outcome, the president of IBM Canada said Wednesday. “Predicting it is good, but the value that you get as an enterprise…
How AI can connect the dots between your systems
April 26, 2019 by Jason ContantArtificial intelligence (AI) should be used to “connect the dots” between different data silos and decisions made within an insurance company, Charles Dugas, head of insurance at Element AI, said last week. The goal is to develop a system that…
How Intact is promoting Big Data and actuarial training
January 21, 2019 by Jason ContantCanada’s largest insurer has teamed up with a Quebec university to establish two new chairs in artificial intelligence (AI) and actuarial science. Intact Financial Corporation and Université Laval announced Friday: The Natural Sciences and Engineering Research Council (NSERC)/Intact Financial Corporation…
Why future AI will involve less data
January 14, 2019 by Jason ContantMachines and applications with artificial intelligence (AI) capabilities will soon rely less on bottom-up big data and more on top-down reasoning that more closely resembles the way humans approach problems and tasks, Accenture said Monday. “We will have top-down systems…