Keyword
artificial intelligence
Why your commercial book will start getting a lot more rejections
November 6, 2019 by Greg MeckbachInsurers who replace underwriters with computers are rejecting a lot of small business applications for reasons that are unclear to the brokers, a commercial broker suggests. “I think that insurers will start to realize that the black boxes are actually…
Why artificial intelligence should be able to detect auto fraud
October 7, 2019 by Greg MeckbachArtificial intelligence can make it nearly impossible for fraudsters to make a false claim appear real, the founder of an A.I. vendor suggests. If an auto insurance claim is fraudulent, A.I. software could pick up on that as long as…
One way to convince regulators to relax auto rate rules
September 27, 2019 by Greg MeckbachArtificial intelligence may be able to help auto insurers convince regulators to relax certain prohibitions on rate restrictions, the founder of an A.I. vendor suggests. In Ontario, insurers are prohibited from using several factors – such as certain at-fault accidents,…
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…