AI for Insurance

Updated: July 30, 2023

AI for Insurance is a game-changing technology that is revolutionizing the insurance industry. By leveraging artificial intelligence and machine learning algorithms, insurers can process and analyze vast amounts of data quickly and accurately. This enables them to automate underwriting processes, assess risks more effectively, and offer personalized insurance solutions to customers. AI-powered chatbots and virtual assistants enhance customer service by providing instant support and answering policyholders' queries. Additionally, AI is utilized to detect and prevent fraudulent claims, reducing financial losses for insurance companies. The predictive capabilities of AI also enable insurers to anticipate market trends and customer preferences, leading to better product development and pricing strategies. Overall, AI is reshaping the insurance landscape, making the industry more efficient, customer-centric, and equipped to address the evolving challenges and demands in the modern era.

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2020. Insurance AI startup Synthesized raises $2.8M

Synthesized, a startup based in the U.K., has secured $2.8 million in a recent funding round. The company focuses on minimizing obstacles related to data preparation, allowing insurers to safely share data while complying with regulations. This streamlined process fosters innovation, particularly in areas such as insurance for a low-carbon economy, which is becoming increasingly crucial. Synthesized's flexible approach to generating multiple well-balanced data sets instills confidence in organizations and their customers when deploying production systems, while also significantly expediting the development process. In the market, Synthesized faces competition from companies like Gretel AI, Snorkel, Tonic AI, Hazy, and Mostly AI.

2020. Tractable claims $25M to sell damage-assessing AIs to insurance giants

London-based insurtech AI startup Tractable has successfully concluded its Series C funding round, raising $25 million. Tractable's core mission is to expedite accident and disaster recovery processes through the application of artificial intelligence. By utilizing computer vision technology for visual damage appraisal, Tractable eliminates the need for human intervention in these assessments. The company aims to accelerate insurance-related response times for events like car accidents and natural disasters by up to 10 times. Tractable's platform enables AI-driven evaluations of vehicle and property damage within minutes, enabling prompt repairs and swift restoration of livelihoods. Their current product offerings include AI solutions for assessing vehicle damage as well as evaluating damage caused by natural disasters, such as hurricanes impacting buildings.