Predictive analytics

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.

How do you maximize efficiency in the application, quoting, and claims process and not invite new or additional fraudulent activity?

Current actuarial techniques are good at quantifying in the aggregate – but less so in the detail.

Research shows rapid adoption of predictive algorithms and digital identity technology will stem the pandemic-driven fraud deluge. Insurance fraud causes more than $80 billion in losses annually in the U.S. alone, according to the report.

COVID-19 has shown us that technology can rapidly evolve to meet customer needs, in areas from contactless payments to digital banking to mobile wallets. However, we still see great disparities when it comes to the use of contactless and digital banking by low- to moderate-income (LMI) workers. The question is, will emerging tech in the post-COVID economy provide an opportunity to include new people in the financial system-- or leave them even further behind?

Artificial intelligence (AI) is increasingly gaining ground in a number of areas of banking and financial services. However, there is growing evidence that AI systems are biased.

To understand how the idea of dynamic risk assessment works, we first need to unlearn certain assumptions.

Predictive analytics also on the rise in the line of business, Milliman finds.

More than 1,000 customers in the line of business have taken advantage of the new program.

Risa Ryan joins the company from Munich Re America.

Approaches such as analytics, artificial intelligence and smart phone apps aim to improve care and save money.