Predictive analytics

Rebuilding artificial intelligence algorithms to explicitly integrate transparency and overcome black box limitations.

Coterie Insurance, a small business insurance underwriter, is seeking to expand its ability to provide instant quotes and coverage with AI-powered data technology.

In May, the California Department of Insurance sent surveys to property & casualty insurers, to get information about how insurers are using tools like big data, artificial intelligence and machine learning in their decision making processes.

The Connecticut insurer has banned employees from using OpenAI's public ChatGPT system, but its chief information officer's team is experimenting with at least three use cases for large language models internally, and she has much more on her tech roadmap.

When combined with machine learning, the data extrapolated from aerial imagery acts as a powerful tool in an insurer's toolkit.

Artificial intelligence has the potential to accelerate world-altering innovations, Google DeepMind executive Colin Murdoch said.

Predictive models are a tool to address a business problem, not a solution.

The confluence of the right tech, models, and curated property data empowers the underwriter – and insurers at scale – to better write and manage wildfire risk.

The emerging area of connected insurance has the potential to help insurers prevent, mitigate, or lower potential risks relating to severe weather events.

New technologies have the capability to provide an analysis of potential exposures.

Property insurer improves underwriting with analytical intelligence

The company's partnership with Planet Labs PBC will use satellite data insights to protect agricultural stakeholders in drought risk periods.

When embedded insurance is done right, it should educate and empower customers.

LLMs have certain obvious drawbacks and difficulties but there is room for the technology to be used in the insurance sector.

Digital Insurance interviewed Angel Conlin, chief insurance officer at Kin, to discuss the company's solutions and involvement in areas prone to extreme weather.

By moving beyond legacy territorial ratings, every property can be rated fairly according to its actual exposure to loss.

The business model, the tech it sits on, and the sector's purpose must evolve.

It appears the technology is largely still in its infancy in the insurance industry.

Insurers can gain deeper insight into risks.

Alongside extreme weather events, issues like affordability and risk perception contribute to the lack of insurance protection.