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Meet Taktile , a new startup that is working on a machinelearning platform for financial services companies. This isn’t the first company that wants to leverage machinelearning for financial products. They could use that data to train new models and roll out machinelearning applications.
To capitalize on the enormous potential of artificialintelligence (AI) enterprises need systems purpose-built for industry-specific workflows. The InsuranceLLM is trained on 12 years worth of casualty insurance claims and medical records and is powered by EXLs domain expertise.
As insurance companies embrace generative AI (genAI) to address longstanding operational inefficiencies, theyre discovering that general-purpose largelanguagemodels (LLMs) often fall short in solving their unique challenges. Claims adjudication, for example, is an intensive manual process that bogs down insurers.
Generative and agentic artificialintelligence (AI) are paving the way for this evolution. This tool provides a pathway for organizations to modernize their legacy technology stack through modern programming languages. The EXLerate.AI
The game-changing potential of artificialintelligence (AI) and machinelearning is well-documented. Any organization that is considering adopting AI at their organization must first be willing to trust in AI technology.
Largelanguagemodels (LLMs) just keep getting better. In just about two years since OpenAI jolted the news cycle with the introduction of ChatGPT, weve already seen the launch and subsequent upgrades of dozens of competing models. From Llama3.1 to Gemini to Claude3.5 In fact, business spending on AI rose to $13.8
Data is the lifeblood of the modern insurance business. Yet, despite the huge role it plays and the massive amount of data that is collected each day, most insurers struggle when it comes to accessing, analyzing, and driving business decisions from that data. There are lots of reasons for this.
Whether it’s a financial services firm looking to build a personalized virtual assistant or an insurance company in need of ML models capable of identifying potential fraud, artificialintelligence (AI) is primed to transform nearly every industry.
Organizations must navigate frameworks like the EU’s General Data Protection Regulation (GDPR), the California Consumer Privacy Act (CCPA), and sector-specific mandates such as the Health Insurance Portability and Accountability Act (HIPAA). are creating additional layers of accountability.
Artificialintelligence (AI) has rapidly shifted from buzz to business necessity over the past yearsomething Zscaler has seen firsthand while pioneering AI-powered solutions and tracking enterprise AI/ML activity in the worlds largest security cloud.
Monica Caldas is an award-winning digital executive who leads a team of 5,000 technologists as the global CIO for Liberty Mutual Insurance. As a technology organization supporting a global insurance company, job No. Right now, we are thinking about, how do we leverage artificialintelligence more broadly?
Over the years, the challenge of helping consumers more easily find car insurance was in the back of his mind. The Palo Alto-based startup launched a car insurance comparison service using artificialintelligence and machinelearning in January 2019. Jerry is out to change that.”. Image Credits: Jerry.
Alex Dalyac is the CEO and co-founder of Tractable , which develops artificialintelligence for accident and disaster recovery. Here’s how we did it, and what we learned along the way. In 2013, I was fortunate to get into artificialintelligence (more specifically, deep learning) six months before it blew up internationally.
Are you using artificialintelligence (AI) to do the same things youve always done, just more efficiently? Attendees also saw demos of Code Harbor , EXLs generative AI-powered code migration tool, and EXLs InsuranceLLM , a purpose-built solution to the industrys challenges around claims adjudication and underwriting.
Cybercrime is on the rise, and today an insurance startup that’s built an artificialintelligence-based platform to help manage the risks from that is announcing a big round of funding to meet the opportunity. “Underwriting cyber insurance for SMEs is a more dire prospect than for large enterprises,” he said.
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What if artificialintelligence (AI) could prevent 1,000 potential outages and improve IT service health and delivery by more than 75%? The insurance company decided to migrate from on-premises BMC Remedy to cloud-based BMC Helix ITSM and Discovery. IT teams would sleep better, but thats just the start.
The 2025 National Conference on ArtificialIntelligence is an unparalleled opportunity to dive deep into the transformative potential of AI across various sectors. I find all the sessions at the National Conference on ArtificialIntelligence valuable, but I especially enjoy the panel discussions and networking opportunities.
Resistant AI , which uses artificialintelligence to help financial services companies combat fraud and financial crime — selling tools to protect credit risk scoring models, payment systems, customer onboarding and more — has closed $16.6 million in Series A funding.
If you think embedded insurance is the only hot thing in insurtech these days, we’ve got a surprise in store for you: While it’s true that startups that help sell insurance together with other products and services are enjoying tailwinds, there are plenty of other opportunities in the space, several investors told TechCrunch+.
Pula , a Kenyan insurtech startup that specialises in digital and agricultural insurance to derisk millions of smallholder farmers across Africa, has closed a Series A investment of $6 million. Agriculture insurance has traditionally relied on farm business. or Europe with typically large farms, an average insurance premium is $1,000.
He also said the company “ continues to meet and exceed growth and revenue targets” with its first product, a service for comparing and buying car insurance. AI-powered Jerry raises $28M to help you save money on car insurance. Although Jerry also offers a similar product for home insurance, its focus is on car ownership.
Processing claims at scale presents a challenge for insurers, particularly where the claims entail factors like complex underlying health conditions. A growing cohort of startups including Alan, Tractable and Snapsheet offer tools to help customers navigate through the insurance claims process. ” Accelerating insurance claims.
for $665 million, and Applied Systems acquiring New York-based AI commercial insurance platform Planck for $300 million. Some of the more notable deals last quarter involving AI-related startups were AMD buying Finland-based AI lab Silo.AI First, the U.S.
Eightfold AI, a startup which uses deep learning and artificialintelligence to help companies find, recruit and retain workers , said on Thursday it has raised $220 million in a new round as it looks to accelerate its growth. SoftBank Vision Fund 2 led the Series E round of the five-year-old startup, which is now valued at $2.1
But it doesn’t have to be that way because enterprise content management systems have made great strides in that same timeframe, including with new artificialintelligence technology that makes it far easier for employees to find and make the best use of all the content the organization owns, no matter if it’s text, audio, or video.
Intelligent document processing (IDP) is changing the dynamic of a longstanding enterprise content management problem: dealing with unstructured content. Faster and more accurate processing with IDP IDP systems, which use artificialintelligence technology such as largelanguagemodels and natural language processing, change the equation.
The funding was led by Tokio Marine, Japan’s first insurance company, and life insurance leader MetLife through its subsidiary MetLife Next Gen Ventures. Embedded means insurance or protection products that are embedded into the customer experience as they buy a product or sign up for a service.
As the insurance industry adjusts to life in the 21st century (heh), an AI startup that has built computer vision tools to enable remote damage appraisals is announcing a significant round of growth funding. You’re dealing with so many touch points with your insurance, so many people that need to come and check things out again.
Synthetic data is fake data, but not random: MOSTLY AI uses artificialintelligence to achieve a high degree of fidelity to its clients’ databases. This demand for privacy-preserving solutions and the concomitant rise of machinelearning have created significant momentum for synthetic data.
It found that [a]reas with lower educational attainment showed somewhat higher LLM adoption rates in consumer complaints. As reported in the Wall Street Journal , insurer Allstate is using genAI to make 50,000 emails to customers a day more empathetic on behalf of its 23,000 claims representatives.
Largelanguagemodels (LLMs) are hard to beat when it comes to instantly parsing reams of publicly available data to generate responses to general knowledge queries. The key to this approach is developing a solid data foundation to support the GenAI model.
Nate Melby, CIO of Dairyland Power Cooperative, says the Midwestern utility has been churning out largelanguagemodels (LLMs) that not only automate document summarization but also help manage power grids during storms, for example. The thing about the AI stuff is it’s really cheap, if you do it right,” Beswick says.
the concept of using a driver’s data to decide the cost of auto insurance premiums is not a new one. A new startup called Justos claims it will be the first Brazilian insurer to use drivers’ data to reward those who drive safely by offering “fairer” prices. The process to get insurance in the country, by any accounts, is a slow one.
All said, Assured Allies joins with insurtech companies around the world that did manage to secure some decent funding recently, including Equisoft , Naked Insurance , Turaco and Acko. It has been proven to reduce the cost of long-term insurance claims by roughly 20%, Nahir told TechCrunch. Akilia Partners and Samsung Next.
Verisk (Nasdaq: VRSK) is a leading strategic data analytics and technology partner to the global insurance industry, empowering clients to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud, and make informed decisions about global risks.
Here are the insights these CDOs shared about how theyre approaching artificialintelligence, governance, creating value stories, closing the skills gap, and more. These programs remove common barriers to change management by addressing and pre-debunking concerns about the role of artificialintelligence, Voorhees adds.
Igloo develops its insurance products and then partners with insurers who underwrite their policies. Igloo currently works with 20 global, regional and local insurers across Southeast Asia. It distributes its insurance products through partnerships, and is partnered with over 55 companies in 7 countries.
Founded in 2018 by Alex Thomson, Sumarie Greybe and Ernest North, Naked is a digital insurance platform covering cars, content, homes and standalone items. The company says it employs artificialintelligence to create new processes and experiences for its customers. Insurtech is hot on both sides of the Atlantic.
Crafting the Future: The Significance of Selecting the Right Insurance Executive In today’s fast-paced and ever-evolving business environment, securing the right insurance executive is more than a mere hiring decision —it’s a pivotal investment in the company’s future.
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The bill defines consequential decision as being any decision “that has a material legal or similarly significant effect on the provision or denial to any consumer,” which includes educational enrollment, employment or employment opportunity, financial or lending service, healthcare services, housing, insurance, or a legal service.
This is where artificialintelligence and voice technology have presented an opportunity for enterprises to overcome the challenges of scale and engagement at their customer contact centers,” co-founder and CEO Skit Sourabh Gupta told TechCrunch. “Traditional voice-based call center service is difficult and costly.
As explained in a previous post , with the advent of AI-based tools and intelligent document processing (IDP) systems, ECM tools can now go further by automating many processes that were once completely manual. Consider an insurance company corporate inbox that accepts claims, underwriting, and policy servicing submissions.
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