Asia InsurTech Podcast’s Post

Check out Gordon Wintrob discussing how we are leveraging technology to reimagine the commercial insurance experience.

Pouch Insurance is a Finalist in the INSTANDA INSPIRE Awards for the 'Most Innovative Use of New Technology' category! 🎉 A real gamechanger of an integration with INSTANDA, Pouch Insurance's AI assistant, Goodie, is a first-of-its-kind technological innovation in the insurance sector. This proprietary multilingual AI assistant empowers insurance agents to engage with, and provide quotes to, commercial auto insurance consumers 24/7. 📈 Key achievements include:  - 50% increase in quote volume  - 35% increase in agent efficiency  - 15% reduction in complaints and hang-ups Here are a few comments from the judges:  “As insurance becomes even more global and serves more diverse communities, the multilingual capacity truly offers a significant advantage to customers and agents alike. It will be invaluable for underwriting and educating clients and their agents and shows a very forward-thinking approach to insurance.” Patti Harman, Editor-in-Chief, Digital Insurance “Pouch have fully exploited INSTANDA's architectural and API connectivity capabilities, integrating to their highly innovative AI solution, 'Goodie', which has really broken new ground for the industry in terms of agent experience during the placing process.” Ben Snape, Global COO, INSTANDA “The implementation and use of Pouch Insurance's AI assistant, Goodie, demonstrate a highly innovative and pioneering configuration. The unique functionality of taking customers from initial contact to the generation and delivery of a final insurance quote, along with the seamless information gathering and natural conversation capabilities, sets Goodie apart from other AI chatbots in the industry.” Juan Mazzini, Head of Insurance Practice, Celent Join us in celebrating this milestone and good luck to Commercial Insurance from Pouch for the award finals – winners will be announced next week! #InsuranceInnovation #AI #INSPIREawards #PouchInsurance #CustomerExperience #Insurtech #INSTANDA

In this episode of InsurTech Amplified with ⁠Bobby Touran⁠, co-founder and CEO of ⁠Rainbow⁠, we explored how technology is reshaping the insurance industry. Bobby emphasized the need for integrating software development DNA into decision-making processes within insurance companies, advocating for a continuous underwriting approach. This method allows for real-time risk assessment and premium adjustments based on dynamic data from businesses, particularly in the restaurant sector. By leveraging data from POS systems, online reviews, and other sources, Rainbow ensures precise risk evaluation and tailored insurance solutions. Additionally, Bobby highlighted the importance of strong agent relationships and company culture. Rainbow’s focus on agent success through personalized support and seamless quoting experiences helps agents deliver exceptional service. Bobby also underscored the significance of specialization in underwriting, which allows Rainbow to deeply understand the unique risks of specific industries, like restaurants. This specialization, combined with a culture of kindness, intelligence, and teamwork, positions Rainbow at the forefront of modernizing insurance through technology.

"Solving Insurance Inefficiencies with AI - with Sandee Suhrada and Karl Hersch of Deloitte” https://lnkd.in/gs7BHKq4 On the '#AIinBusiness' podcast, Vice Chairman and leader of Deloitte’s US Insurance practice Karl Hersch joins Daniel Faggella, Emerj Artificial Intelligence Research CEO, with Sandee Suhrada, Partner at Monitor Deloitte leading AI for Insurance, to discuss the opportunity space within the insurance sector, highlighting the integration of automation and its potential value for business creation. The episode delves into anticipated changes in underwriting and customer engagement workflows, emphasizing performance, productivity, and efficiency over the next three years: “We’ve seen it long before GenAI or AI has come into play, this year actually highlighting what has been – I think and Sandee would agree – one of the critical success or lacking-success factors we've seen in any large transformation. It's an alignment, a teaming, and a bringing together of the business and functional domain expertise with the technology or other enabling domain expertise. And that is where we see things work at their best all the time. Or if it's detached, or disassociated? Then we see a lot of stumbling blocks and often failures. And it's because the communications aren't happening, and it doesn't require every element teaming here. The reality is, the technology we're talking about here is fantastic. But everything we've talked about today, even on this podcast, is all business-centric domain knowledge that you need to actually affect that change.”

While #AI can modernize insurance, the human element is irreplaceable. Our President and COO Belen Tokarski touches on the crucial balance between technological innovation and human expertise needed to provide an optimal insurance experience in an article published on Insurance Innovation Reporter. Gain new perspectives on how integrating AI and human insights is optimizing service delivery: https://lnkd.in/e9R8GecA #IndustryNews #Insurtech #Insurance #ArtificialIntelligence

On a recent podcast episode with Digital Insurance, CoreLogic's President of Insurance Solutions, Garret Gray, illustrates the benefits of the property insurance industry adopting the integration of AI technology into everyday workflows. "This is not something to be scared of. It is something to treat seriously and to really think through and be diligent about how we implement these tools, how we build these tools and the effects that they're going to have" Listen to more of this episode here: https://clgx.co/4dsF52r

🚀 Embracing the GenAI Wave in Insurance Underwriting In my years of experience within the insurtech industry, I've witnessed how technology can redefine the fundamentals of insurance underwriting. One of the most compelling advancements is Gen AI, which could revolutionize our approaches to risk and efficiency. Here's my perspective on GenAI's impact: ✅ Deepened Risk Assessment: Leveraging GenAI allows for the analysis and synthesis of extensive datasets, leading to a level of risk assessment precision that was previously unattainable. This technology facilitates a more nuanced understanding of risk factors, enabling insurers to offer policies that are both finely tailored and fairly priced. ✅ Bespoke Policy Creation: The ability to generate personalized policies using AI not only meets the customer demand for customization but also signifies a shift towards a more dynamic insurance marketplace. GenAI assists in designing coverage solutions that align closely with individual customer profiles, enhancing satisfaction and retention. ✅ Operational Efficiency: GenAI's capacity to automate complex underwriting tasks has a profound impact on operational speed and accuracy. By integrating GenAI into our workflows, we can achieve a level of efficiency that drives down costs while elevating service standards. Integrating GenAI demands a strategic vision that prioritizes adaptability, collaboration, and continuous innovation. The challenge lies in updating legacy IT infrastructures and nurturing a forward-thinking organizational culture. It's here that I've observed companies like Planck making significant strides. Planck's innovative use of GenAI models is revolutionizing commercial insurance, equipping underwriters with the tools to adeptly analyze big data, accurately classify businesses, and identify key risk factors with a level of precision and consistency previously unseen. For those interested in exploring this topic further, I recommend reading David Schapiro article, "The Transformative Potential of Generative AI in Insurance Underwriting." It provides a comprehensive analysis of GenAI's capabilities and its transformative impact on our industry. ➡️ Read the full article: https://lnkd.in/enqiaMrn #InsuranceTech #GenAI #RiskAssessment #PolicyInnovation #OperationalExcellence

In this episode of “InsurTech Amplified”, Andrew Johnston, the Global Head of InsurTech at ⁠Gallagher Re⁠, shared some his most recent insights from the Gallagher Re Global InsurTech Report for Q2 2024. The discussion covered a wide range of topics, including investment trends, partnerships, the role of AI, and the potential challenges and risks. Here are six key insights that stood out: 1. The Shifting Landscape of InsurTech Investments Andrew highlighted a notable shift in InsurTech investments during Q2, where the total investment reached $1.27 billion. This was a significant increase compared to previous quarters, despite a decrease in the number of deals. Interestingly, this uptick wasn’t driven by a few large deals but rather by a general increase in the average deal size, which now hovers around $10 million. 2. Partnerships as a Key Strategy In the evolving InsurTech landscape, partnerships between traditional insurers and tech companies have become crucial. Andrew mentioned several strategic partnerships, such as those between Allianz and ClearSpeed, HSB and WINT, and MassMutual and Genomics. These alliances are not just about technology adoption but also about integrating innovative solutions to enhance efficiency and customer experience. 3. The Role of AI in Underwriting and Risk Management A major focus of the discussion was on AI’s transformative role in underwriting, pricing, and portfolio management. Johnston emphasized that while AI can process vast amounts of data to predict risks more accurately, it should not replace human experts. The concept of “bionic” underwriting combines AI’s computational power with human expertise to improve decision-making. This hybrid model not only speeds up processes but also ensures that the nuanced understanding of risks remains in human hands. 4. Data Quality and Bias in AI Models One of the most critical challenges in leveraging AI is ensuring data quality and avoiding biases. Johnston noted that AI models often rely on large datasets, which may include unverified or biased information. This can lead to skewed risk assessments and pricing models. 5. Case Studies: Concise and Ki Two examples that were discussed on the podcast were the companies Concirrus and Ki. Concirrus, originally focused on marine and cargo insurance, uses behavioral data to predict risks better than traditional demographic data. Their underwriting tool, Quest, has expanded to other areas like workers’ compensation, showcasing the power of AI in diverse insurance domains. On the other hand, Ki, a digital underwriting platform at Lloyd’s, illustrates how AI can streamline the underwriting process by allowing certain business types to be automatically bound if they meet specific criteria.

🎙️ Insurance Unplugged: October Podcast Recap Throughout October, IRYS Insurtech proudly sponsored Lisa Wardlaw’s Insurance Unplugged podcast series, exploring how AI, data, and innovation are transforming the insurance industry. Here’s a look at the conversations that shaped this series: 1️⃣ Florian Graillot – Founding Partner, astoryaVC (10.02.24) 🔍 Discussed insurtech trends and venture capital’s role in driving innovation. 🔑 Key Takeaways: AI enhances agent productivity and unlocks $50B in potential impact. Young talent is key to future industry growth. 🔗https://buff.ly/3YrlRnd 2️⃣ Margeaux Giles – CEO & Co-Founder, IRYS Insurtech (10.09.24) 💡 Explored the evolving complexity of insurance distribution. 🔑 Key Takeaways: Generative AI boosts sales and operations. Continuous tech investment is essential for growth. 🔗https://buff.ly/4fpHefv 3️⃣ Scott Dykstra – CTO & Co-Founder, Space and Time (10.30.24) 🌐 Discussed tamper-proof databases and Web3’s impact on insurance. 🔑 Key Takeaways: Decentralized data enhances security and scalability. Smart contracts can transform insurance processes. 🔗https://buff.ly/3YlrIKO 4️⃣ Austin Przybysz – CTO, Instruxi (10.23.24) 🌐 Explored the intersection of Web3 technology and insurance, focusing on HTAP databases and secure data sharing. 🔑 Key Takeaways: Web3 shifts data ownership to consumers, enhancing control and trust. Intent and consent are critical for ethical data handling in the future of insurance. 🔗https://buff.ly/48v0Yfp 5️⃣ Bhaskar Kalita (BK) – Global Head of Financial Services and Insurance, Quantiphi (10.30.24) 🤖 Delved into the transformative impact of generative AI on the insurance distribution value chain. 🔑 Key Takeaways: AI as a service offers scalable solutions for insurance companies. Agents and brokers need to embrace AI now to drive efficiency and transformation. 🔗https://buff.ly/3YjKbas These episodes challenge the status quo and offer bold strategies for building the future of insurance. Missed an episode? 🎧 Catch up now and join the conversation shaping tomorrow’s industry. #InsuranceUnplugged #IRYS #AI #Web3 #Insurtech #Innovation

What are the opportunities and potential challenges for AI in insurance? Read the article with Graham Gordon on how AI is transforming various facets of insurance operations: https://spns.pub/3HE8MPq #insurance #AI