The use of artificial intelligence has been significantly booming over the last few years in the insurance world, but for the people at Lemonade, artificial intelligence has been a mainstay in automating claims and processes since its inception in 2015. …
It would be hard to find a better testimonial to the power of artificial intelligence than what you’ll get when you speak to people overseeing an AI and technology transformation at Sentry Insurance. The Stevens Point, Wisconsin-based mutual carrier insures …
In today’s world of interconnected computer-based information systems, cyber risk has become one of the critical risk factors impacting organizations. Indeed, several studies have shown that cyber risk (for exmaple, the probability of being the victim of a successful cyber-attack) …
UVeye, a startup that uses AI-driven technology to inspect vehicles to avoid defects and target repairs, said on Wednesday it has raised $191 million in debt and equity to scale up production in North America and Europe. The company’s $41 …
This is set to be the year generative artificial intelligence significantly starts to change how Americans live and work, most notably in the property/casualty industry as companies strive to balance efficiency and costs with investments in systems, training and management. …
Insurance carriers and restoration teams face a cascade of challenges. The increasing frequency and severity of climate-induced catastrophes, such as Hurricanes Helene and Milton, have pushed some carriers out of high-risk areas, which has played a part in the 17.4% …
The 2024 Atlantic hurricane season brought unprecedented changes to Florida’s insurance market. The impact of inclement weather has caused home and flood insurance rates to balloon over 400% in the last five years alone. Most recently, Hurricanes Helene and Milton …
Since the COVID-19 pandemic, insurance claims costs have risen dramatically. Many factors, including the global pandemic, climate change, inflation, and the increase in the price of repairs or replacement items, are driving the cost increase. While there is enormous pressure …
The robots are coming—and in some cases, they’re here. Advancements in generative artificial intelligence are enhancing claims processes in many ways, from improving First Notices of Loss (FNOLs) to analyzing videos and images to assessing damage quickly. With all of …
The insurance industry is at a pivotal moment in embracing generative AI. According to the ISG Pulse Check State of the European Insurance Industry 2024, insurance firms are actively engaged in generative AI transformations and currently comprise nearly a quarter …