Artificial intelligence (AI) is revolutionizing the underwriting process, offering unprecedented opportunities for efficiency and accuracy in the insurance industry. In this interview with AAIS Partner, Cogitate, we explored how AI is promising a new era in data interpretation and utilization. Jacqueline Schaendorf, CPCU, Co-Founder of Cogitate and President and CEO of Insurance House, discussed the potential of predictive modeling in underwriting and claims processes, significant data challenges faced by carriers, and innovative solutions offered by Cogitate.
Data/Tech
AI, Predictive Modeling, and Data Trends in Underwriting
Jul 18, 2024 / by AAIS posted in Issues & Trends, Data & Technology, Data, Modeling/Predictive Analytics, Data/Tech, Underwriting, AI, Artificial Intelligence, Cogitate
AI Home Inspections: Enhance Loss Prevention and Reinsurance
Jul 10, 2024 / by AAIS posted in Personal Lines, Technology, Data & Technology, Homeowners, Data/Tech, AI, Artificial Intelligence, CHRP Technologies
The connection between home inspections and securing reinsurance is crucial for insurance carriers. In this interview with AAIS Partner, Chrp Technologies, we delve into the pivotal role of maintaining a high-quality book of business for insurers seeking reinsurance. Micah Kalisch, Founder and CEO of Chrp Technologies, elucidates how adhering to inspection protocols aligned with stringent underwriting standards not only safeguards insurers against potential risks, but also enhances their appeal to reinsurers. He also discusses how Chrp can support underwriters throughout this process.
Applications of GenAI in Insurance
Jun 19, 2024 / by AAIS posted in Technology, Machine Learning/AI, Data & Technology, Data/Tech, AI, Artificial Intelligence, BluePond.AI, GenAI
Generative Artificial Intelligence (GenAI) is revolutionizing industries with its ability to understand, synthesize, and create language-based content. In this interview with AAIS Partner, BluePond.AI, we explored how this leap forward is particularly impactful in the insurance sector, where manual processes and complex documentation are prevalent. Hear from Pranav Pasricha, CEO of BluePond.AI, to learn what GenAI is, its transformative applications within the insurance industry, the challenges of adopting this technology, and how carriers can effectively navigate these obstacles to harness GenAI's full potential.
Can AI Home Health Assessments Boost Reinsurance Capacity?
Jun 12, 2024 / by Micah Kalisch posted in Personal Lines, Technology, Data & Technology, Homeowners, Data/Tech, AI, Artificial Intelligence, CHRP Technologies
Due to today’s hard market, reinsurers are much more selective about the risks they underwrite. To secure reinsurance coverage, personal lines property carriers must maintain a healthy book of business and loss ratio.
Methods for MGAs to Cut Construction Insurance Costs
May 28, 2024 / by AAIS posted in Issues & Trends, Data & Technology, Inland Marine, Data, Data/Tech, Builders Risk, catastrophe, OwlSurance, MGA
In the construction industry, insurance plays a crucial role in protecting assets and personnel. Current construction industry challenges are impacting insurance, driving the need for insurers to innovate to reduce costs, ensure data security, and stay competitive. Watch part two of our two-part interview series with AAIS Partner, ValueMomentum, to hear from Anand Rajaraman, Vice President of Product Management at OwlSurance Technologies.
The Art of the Possible with GenAI in Insurance
May 23, 2024 / by Sachin Kachare posted in Technology, Data & Technology, P&C Insurers, Data/Tech, Underwriting, AI, Artificial Intelligence, Brokers, Insurance Agents, MGA, BluePond.AI
Today, there is a lot of buzz surrounding generative artificial intelligence (GenAI) and its potentially significant implications for the insurance industry. The use of GenAI in insurance is taking a large step forward, leading the paradigm shift in AI and machine learning (ML) due to its efficient and innovative features. In the dynamic realm of insurance, burdened by cumbersome manual processes, traditional AI solutions are limited. GenAI transcends these limitations, offering transformative solutions to streamline insurance workflows and propel the industry forward.
From Concept to Customer: GhostDraft Discusses the Need for Speed to Market in Insurance
Apr 17, 2024 / by AAIS posted in Technology, Insurtech, Regulatory/Compliance, AAIS Webinar Series, Data/Tech, Data Management, Compliance, GhostDraft
As part of the AAIS Webinar Series, AAIS hosted a virtual discussion on April 4, 2024, featuring AAIS Partner, GhostDraft. Moderated by John Kadous, AAIS Vice President of Products, the session explored the importance and challenges of speed to market. Joined by panelist Laurence White, Executive Vice President of Sales at GhostDraft, the two discussed modern technologies and innovations that can accelerate internal processes as well as how to balance speed and compliance. Kadous and White also offered successful strategies to improve operational efficiencies.
Navigating the Complexities of Automobile Technologies
Jan 3, 2024 / by Ash Naik posted in Technology, Tech News, Auto, Personal Auto, Data/Tech, ADAS
The auto insurance industry faces unique challenges in an era dominated by rapid technological advancements. Today's vehicles, equipped with sophisticated electronics and software, are redefining experiences for drivers, auto services, and insurance industry professionals. In a recent webinar, we explored various facets of auto insurance carriers' challenges.
Oklahoma Insurance Department Rate & Form Director Reveals Key Initiatives for 2024 and Ways to Help Industry Stakeholders
Dec 21, 2023 / by AAIS posted in Technology, Data & Technology, Regulatory/Compliance, Data/Tech, Compliance, Regulators, Oklahoma
The National Association of Insurance Commissioners (NAIC) held its 2023 Fall Meeting on November 30-December 4 in Orlando, Florida. During the meeting, AAIS spoke with Kurt Cagle, Director of the Rate and Form Division for the Oklahoma Insurance Department, to discuss key initiatives for 2024, ways to help industry stakeholders, and more.
Leveraging Today's Underwriting Technologies to Modernize Homeowners Insurance with Chrp Technologies
Dec 18, 2023 / by AAIS posted in Personal Lines, Technology, Machine Learning/AI, Data & Technology, Insurtech, Homeowners, AAIS Webinar Series, Data/Tech, Underwriting, Artificial Intelligence, CHRP Technologies
As part of the AAIS Webinar Series, AAIS hosted a virtual discussion on December 7, 2023, featuring Chrp Technologies. Moderated by AAIS President & CEO Werner Kruck, the session explored the state of today’s home insurance market as well as the challenges and opportunities that lie ahead. Featured guest speakers Chin Ma, President of Chrp Technologies, and Brandi Wyrick, AVP of Experience at Orion180, reviewed how new and emerging technologies like Chrp can improve underwriting results and operational efficiencies. They also touched upon the role of artificial intelligence (AI) across the insurance space and how companies can leverage new capabilities to improve the customer experience.