Schaefer City Technologies LLC’s Post

"Exponential Organizations" by Salim Ismail A highly recommended read. I read this book sometime in 2016 and there was an interesting section that really caught my attention. An insurance company wanted to see if their claims algorithm (developed by 40 actuaries and data scientists) could be improved. So they ran a contest on Kaggle. At the end of the contest the algorithm was improved by 271%. What's interesting was that these improvements came from outside the company. The thinking came from "outside of the box". I have shown this excerpt to some actuaries and people from the insurance industry and the responses have been varied, from a "Wow!" to just a small smile. We are in 2024 now and I think the next "exponential" wave will be from AI. What happens when we have nuclear powered AI doing actuarial work?

Insurance, Geospatial & AI - an ideal pairing ... here's some thoughts on why. -Scale -- carriers provide coverage for millions of properties. #GIS data and #aerialimagery combined with #AI provide an unbiased view of the physical world -Efficiency -- #artificialintelligence empowers carriers to review millions of properties and data points in a highly ⏱️ and 💵 effective manner -Objective -- #geospatial data, in general, is not subjective. Either a feature of interest is present on a parcel or not -Accuracy -- as technology evolves, the reliability of #data increases. Though it can be argued that human accuracy would be superior, when combined with the aforementioned factors #machinelearning achieves a "goldilocks" benchmark There are certainly some caveats and counter-points to my admittedly not-so-comprehensive list (please share them in the comments!), but I've seen firsthand the benefits the synthesizing of these technologies can provide for the #insurance industry. At blackshark.ai we continue to expand our expertise in the insurance industry. Find me in Vegas at the upcoming InsureTech Connect conference!

The fusion of GIS, aerial imagery, and AI is a powerful combination that opens up new avenues for analysis and decision making. It’s fascinating to see how these technologies can improve our understanding of environments and optimise project planning.

The commercial insurance market has been plagued by inefficiencies: Insurers have struggled with manual processes, lack of real-time data, and high operational costs, often resulting in inaccurate risk assessments and delayed policy issuance. Enter Planck, an Israeli startup that has revolutionized the insurance landscape with its #AI-driven platform, based on computer vision and natural language processing. Planck's technology automates underwriting, providing real-time, comprehensive data and predictions that enable insurers to make faster, more accurate decisions. Today, we celebrate the inspiring news of Applied Systems acquiring Planck for a reported $300 million. This acquisition establishes Applied Systems' AI Development Center in #Israel. Congratulations, Elad Tsur, Amir Cohen, and David Schapiro for this impressive success. . 🇮🇱 In these challenging times, I'm featuring inspiring #Israeli companies daily. Planck's journey from a startup to a major player in global insurance epitomizes the spirit of Israeli innovation. 🔔 Stay tuned for another amazing company tomorrow! And if you are not yet subscribed, check out the "Weekly innovations from ISRAEL" newsletter!

🚀 Parametric insurance redefines the insurance landscape by utilizing pre-defined parameters to determine compensation, streamlining claims processing and minimizing disputes. This innovative approach provides efficient coverage for catastrophic events like flight delays, agricultural damage, and natural disasters. 🔍 Challenges arise with the integration of AI, especially concerning data quality and risk modeling. High-quality, real-time data from sources such as weather stations and satellite technology is essential for accurate pricing. Additionally, AI tools like neural networks are utilized to address complexities in risk assessment and prediction. 💡 Parametric insurance requires AI to interpret unstructured data effectively, extracting relevant information for risk assessment and underwriting. Critical analysis of predictive forecasts ensures the validity of underwriting decisions. 💼 Traditional indemnity-based insurance isn't always optimal for managing exposure to natural catastrophes. Reinsurers like SwissRe, MunichRe, and Scor offer parametric insurance solutions, agreeing on loss amounts in advance for specific risk profiles ( agriculture & life risk). Upon reaching predefined thresholds, reimbursements protect company cash flow and profits. #ParametricInsurance #AI #InsuranceInnovation #RiskManagement #Insurtech 🌐📊

Post singularity AI may some day decide to eliminate us, but I doubt it. Long before then, it has the ability to save us & to eliminate a repeat of tragedies like we are experiencing in SoCal. Based on what AI is already capable of & before I get paper towels delivered or don’t have to drive my own car, can we please put out the genius prize to go the last mile to combine thermal imaging and drones with the capacity to carry fire retardant? Find it fast, deploy them early by the thousands. Mind you, I say the “genius prize” because I’m not one and this is undoubtedly complex, but we’ve seen the wonders and horrors of what tech can already do & this is not nearly as fantastical of some of what’s well in our rear view. Obviously, this horrific tragedy is still on-going, but having a solution to prevent the next one seems crucial to me to bring insurance back to CA, to expedite settlements & rebuilding, and provide hope. Finger pointing and blamescaping don’t help people. Problem solving does. Taxpayers demanding that politicians prioritize these type of solutions matter. We are going to spend well over $100 billion to rebuild, let’s add 1% and get new solutions to a redefined & rescaled problem. SoCal ❤️🙏

Exploring AI in Process Safety. I'm excited to share my insights on how Artificial Intelligence transforms Process Safety. AI helps enhance risk assessment, predict potential failures, and improve decision-making, making our industry safer and more efficient. Let’s embrace these innovations for a safer future! #ProcessSafety #ArtificialIntelligence #Innovation #oil #gas #HSE

The accelerated adoption of GenAI will create opportunities for business innovation, but will also create new enterprise risks. Click below to download our Commentary on maximizing insurance coverage for AI exposures. Matthew Divelbiss Amanda Ellison Tara Kowalski Jason Lissy Brian McDonald #cyberinsurance #AI #GenAI

Stand launched Stand Insurance, using physics-driven AI to insure climate-impacted properties. The company started with $30 million in funding and introduced a California homeowners insurance product aimed at making properties more resilient to wildfires. Dan Preston, the Co-Founder and CEO, highlighted their use of digital twins and physics simulations to assess and mitigate risks. Read more: https://lnkd.in/eHzrrewy #ai #artificialintelligence #aistartup

Crash or land? 208 seconds to decide the fate of 155 lives; a task AI cannot achieve until 2050 or later. January 15, 2009. US Airways Flight 1549 takes off from LaGuardia. Three minutes later, a flock of geese takes out both engines. The roar turns to silence. The computer simulations said the plane could have made it back to the airport. But Capt. Sully Sullenberger knew better. He trusted his instincts and aimed for the Hudson River. Against every odd, he landed safely. Every single passenger survived. This wasn’t just a landing. It was a moment where human judgment outperformed calculations. AI can analyze probabilities. Machines can run scenarios. Experts estimate AI with human-level reasoning may emerge by 2050, but matching Sully’s experience-driven judgment in real-world crises could take much longer. Capt. Sully’s story reminds us that in critical moments, it is courage, experience, and instinct that save lives. It was truly a Miracle on the Hudson. Photo Credits Edouard H.R. Glück