artificial intelligence (AI) News

Winners of Innovation in Insurance Awards Excel in Customer Focus, AI, Sustainability

The winners of the seventh annual Innovation in Insurance Awards excelled in customer focus, creative applications of artificial intelligence (AI) and automation as well as sustainability, according to the awards’ sponsors, Efma and Accenture. The global awards program, which recognizes …

Munich Re Launches Validation Service for Artificial Intelligence Systems

Munich Re is aiming to enhance acceptance of artificial intelligence (AI) with its new CertAI validation service, which provides objective validation that AI systems are trustworthy. Companies from a variety of industries are currently investing in the development and deployment …

Thomas H. Lee Partners to Become Majority Shareholder of Carpe Data

Private equity firm Thomas H. Lee Partners (THL) today said it made a strategic growth investment in Carpe Data, a provider of data products for the insurance industry. With the investment, THL will become the majority shareholder of Carpe Data, …

The Insurance Data War: How Old School and New School Can Live in Harmony

Old school vs. new school. Every so often, a debate echoes down the corridor of time as the disrupters of the status quo burst on the scene with novel ways of doing things, while the established players cling to the …

Insurers Deploy Predictive Analytics, Artificial Intelligence in Fraud Fight

Insurers are getting a larger share of suspicious claim referrals from fraud-detection technology and are increasingly using artificial intelligence to sift through data, according to a new study by the Coalition Against Insurance Fraud and SAS. The Insurance Fraud Technology …

American Financial Buys Artificial Intelligence Company Verikai

American Financial Group (AFG) recently acquired Verikai Inc., a machine learning and artificial intelligence company that utilizes a predictive risk tool for assessing insurance risk. AFG said it paid approximately $120 million in cash at closing. California-based Verikai will continue …

Insurtech Reask Gets Funding to Deliver Next-Generation Natural Disaster Modeling

Insurtech Reask, an Australian science and technology company that focuses on natural hazard modeling, announced it has closed its seed funding round, led by Tencent, the global technology giant headquartered in China. The funding will support the next stage of …

Efma-Accenture Innovation Awards Offer View of Insurance Industry’s Transformation

Daniele Presutti, Accenture’s Insurance lead in Europe, and Silvia Mili├ín, Accenture’s Insurance lead for strategy and consulting in Iberia discuss how the submissions to 2021’s Efma-Accenture Innovation in Insurance Awards demonstrated the extent that the insurance industry has been developing …

Zurich Insurance to Acquire Conversational AI Company AlphaChat

Zurich Insurance Group agreed to acquire Estonia-based company AlphaChat, which provides conversational artificial intelligence (AI) technology for customer service automation, to further enhance the group’s digital capabilities. Financial details of the transaction were not disclosed. AlphaChat is one of the …

Russia Tech Giant Yandex Uses AI to Reward Safe Drivers With Insurance Discounts

Russian tech giant Yandex plans to reward responsible drivers on its car-sharing platform with cheaper insurance this year, it told Reuters, using machine learning in a pilot program similar to one already adopted by Tesla. Newly listed Renaissance Insurance has …