Keyword
artificial intelligence
How good are estimates of industry-wide insurance fraud?
September 20, 2019 by Greg MeckbachInsurers really don’t know how much money fraud is costing them. “In Ontario, we have to rely on other jurisdictions to try and quantify it because we are so lousy at it,” said Gordon Rasbach, former vice president of property…
The first step in determining whether AI could pay off
August 12, 2019 by Greg MeckbachThinking of investing in artificial intelligence so you can automate tasks that are wasting workers’ time? Many brokerages have processes that could be improved through machine learning, suggested Christopher Wynder, director of product marketing for capture and original equipment manufacturing…
How this brokerage plans to use AI for renewal process
August 7, 2019 by Greg MeckbachAn online-only brokerage is working on an artificial intelligence tool that would alert staff if a client whose situation has changed could now get a better deal on their insurance. Magreth, Alta.-based surex.com Ltd. recently developed a prototype of an…
One insurance role that could be wiped out by artificial intelligence
July 19, 2019 by Greg MeckbachArtificial intelligence is going to have a big impact on adjusters, actuaries and insurance agents, but it won’t necessarily kill their jobs, an AI expert suggests. But lower-skilled jobs may be in jeopardy. “Jobs at call centres are going to…
The limits of artificial intelligence in insurance
April 11, 2019 by Greg MeckbachArtificial intelligence has not reached the point where it is replacing humans in the insurance industry because many processes still require human intervention, speakers said at a recent insurance conference. Artificial intelligence is used in some cases for client engagement…
The impact of legacy systems on AI implementation
March 5, 2019 by Jason ContantLegacy systems have long been the scourge of the industry and they are one of the things standing in the way of artificial intelligence (AI) implementation, a speaker suggested last week at the Insurance-Canada.ca Technology Conference in Toronto. “There’s a…
How to save insurers $1.3 billion a year on claims administration
March 4, 2019 by Greg MeckbachArtificial intelligence will become a “big time saver” for claims adjusters and will eventually allow the industry to save billions a year in costs, one researcher says. For auto claims, insurers are already using AI to make recommendations on whether…
This technology can help attract talent
February 28, 2019 by Greg MeckbachUsing technology like artificial intelligence can help insurers attract the right people and keep them engaged, suggests the head of a major Canadian insurer. “It’s a tough talent market right now across the leading insurance markets in the world. Canada…
This AI tool is a ‘huge priority’ for some insurers
February 27, 2019 by Greg MeckbachChatbots are getting better at answering questions, and many Canadian insurers are taking a serious look at the technology, a fintech analyst said Tuesday. “Quite a few of the major insurers in North America are looking to chatbots as a…
How Zurich can use AI to reduce a broker’s E&O exposure
February 25, 2019 by Greg MeckbachA Toronto-based artificial intelligence (AI) vendor is working with Zurich Canada to reduce errors and omissions risk in commercial insurance policies. Often commercial policies have dozens of pages with several endorsements, which someone needs to read for accuracy before the…
The hard part about making artificial intelligence work
December 11, 2018 by Greg MeckbachUsing artificial intelligence, brokers can gain valuable insights from data, but making decisions based on those insights might be easier said than done. “There is an issue that all companies struggle with. It’s one thing to gain insights out of…
The ‘biggest hurdle’ to making artificial intelligence useful
November 28, 2018 by Greg MeckbachFiguring out what products your customers might buy next or what they are complaining about are two ways you could be using artificial intelligence now, the founder of a big data vendor suggests. “In the future you are going to…