machine learning News

Machine Learning Improves Lightning Prediction, Leading to Insight on a Key Wildfire Spark

Lightning’s destructive potential was showcased in 2020 when it sparked the massive California Lightning Complex fires, but it remains hard to predict. According to a new study led by the University of Washington, machine learning can be used to improve …

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 …

Brit Launches Machine Learning Algorithm to Accelerate Catastrophe Claims Response

Brit Ltd., the London-based specialty insurer and reinsurer, announced the creation and successful proof-of-concept launch of a proprietary machine-learning algorithm, designed to accelerate the identification of post-catastrophe property damage, based on the use of ultra-high-resolution imagery. This proof of concept …

P/C Insurers Plan to Boost Their Use of Automation: Willis Towers Watson

Property/casualty insurers plan to accelerate their use of automation for actuarial work, a new Willis Towers Watson survey found. What’s more, COVID-19 has been a major factor in the trend. The sector’s overall aspirational score (toward wanting more automation) was …

Researchers Say Machine Learning Boosts Defense Against Multi-Stage Cyber Attacks

A machine learning algorithm may give organizations a powerful and cost-effective tool for defending against attacks on vulnerable computer networks and cyber-infrastructure, often called zero-day attacks, according to researchers. These zero-day attacks can quickly overwhelm traditional defenses, resulting in billions …

European Researchers Turn to AI to Build Better Weather Data

European scientists who feed critical climate data to industry and researchers said that their next great breakthrough in weather forecasting will be powered by artificial intelligence. The European Centre for Medium-Range Weather Forecasts is turning to machine learning in order …

Deep Fake Losses to Challenge Cyber Insurers, CyberCube Warns

What do Ulysses and his Trojan Horse, the pickpocket Fagan in Charles Dickens’ Oliver Twist and a video of Facebook’s Mark Zuckerberg touting how his company “owns” its customers have in common? They are old and new forms of deception …

Next Insurance Buys Data Firm Juniper Labs to Enhance Workers’ Compensation Offering

Digital small business insurer Next Insurance has closed its first acquisition, buying Juniper Labs, a Denver-based provider of data and underwriting technology. With the acquisition, Next said it will focus on innovation in workers’ compensation and general liability product offerings …

Insurtech: It’s not Just for Carriers Anymore

Until recently, insurtech not only was perceived as a competitive threat to independent agents, there was little startup activity dedicated to tackling the operational needs of insurance agents and brokers. That’s not the case anymore, according to one industry professional …

With Smarter, Joined-Up Pricing, There’s No Such Thing as a Bad Risk: Viewpoint

It’s a well-trodden truth in our industry that not all risks are created equal, and for insurers, that some risks are riskier than others. However, new technologies mean new avenues of innovation for insurers to explore, providing opportunities to drastically …