Several key insurance carriers began to experiment with AI in the last decade, including Progressive, All-State, and State Farm. Although not as large as the banking and retail industries, the AI vendor landscape in insurance is growing.
Venture capital firms are investing tens of millions of dollars into startups that offer AI applications ranging from automated underwriting and customer onboarding to the ability for customer service representatives to search through numerous databases at once to find information on a customer.
At Emerj, the artificial intelligence research company, we’ve done extensive research into the AI vendor landscape across the insurance industry as part of our AI Opportunity Landscape work for multi-billion dollar clients. This article provides a snapshot into that research and gives an overview of the top 3 most funded AI companies in the insurance industry. Our analysis begins with Lemonade, which sells homeowner’s and renter’s insurance to consumers.
1. Lemonade – Homeowner’s and Renter’s Insurance Via Mobile App
Lemonade, founded in 2015, is a relatively well-known AI-driven insurance startup that has raised a respectable $480 million in venture funding. The company offers homeowner’s and renter’s insurance to consumers. It does business entierly through its mobile app on which customers can file claims. Lemonade claims it can process claims faster and provide faster payouts using AI.
Lemonade claims its services include multiple AI applications for different purposes. Customers can purportedly describe damage to their property to Lemonade’s”Jim” chatbot, starting a claim. The data is then run through a fraud detection algorithm in order to identify anything suspicious about the claim. Finally, the system determines a payout that is appropriate for the damage or loss the customer described.
Lemonade’s app can purportedly:
- Allow customers to start a claim with the tap of a button. The customer will be redirected to the chatbot to start the claim.
- Automatically approve claims if they are not too complex.
- Route customers with complex claims to human customer service representatives.
The short, 1-minute video below explains how Lemonade’s claims processing works:
2. WorkFusion – Document Digitization in Insurance
Founded in 2010, WorkFusion has raised $121 million in venture funding. The startup offers an AI platform called the Intelligent Automation Cloud, which the company claims can help insurance carriers improve their claims and appeals processes along with their KYC infrastructure. The software purportedly uses AI techniques such as machine vision in conjunction with robotic process automation (RPA). The original offering became available in late 2016 and has seen numerous iterations since then.
WorkFusion claims insurers that use Intelligent Automation can see the following benefits:
- Automatically taking and organizing new customer data. The software purportedly uses machine vision and optical character recognition (OCR) to digitize new paper documents and RPA to organize them automatically.
- Faster document verification. Intelligent Automation can also purportedly extract identification data from documentation such as passports and driver’s licenses. The company claims it can then retrieve data from the client’s database and identify any discrepancies.
The video below from WorkFusion explains how their software facilitates the intake of customer information:
WorkFusion lists a case study on its website in which it claims to have helped a major US healthcare company process their appeals on claim decisions more accurately. They purportedly used machine vision to scan appeals into its client’s system. Additionally, its RPA software organized the appeals into queues for adjusters to review. The case study states that the client healthcare company reduced their manual processing work by 85% and were able to reduce their appeals process by three minutes per claim.
3. Attivio – Enterprise Search in Insurance
Attivio, acquired by ServiceNow in 2019, was founded in 2008 and has raised $102 million in venture capital. The company offers natural language processing (NLP) software to insurance companies for enterprise search. This can purportedly help customer service representatives and claims adjusters find customer information that is important to their respective jobs. Attivio refers to this software as cognitive search.
The short, 1-minute video below explains how machine learning can enable enterprise search and provide context for more detailed results:
Attivio claims its cognitive search platform can benefit insurers with the following capabilities:
- Unify enterprise data: It is much easier to locate customer data from an enterprise database when all the information is organized in one place. For customer service workers, this means easier access to customer profiles and account information. Claims adjusters also benefit in that they can more easily identify duplicate claims or incomplete information within a claim.
- Insights on search results: The software can purportedly show users insights on the top search results from their keywords. For example, a claims adjuster might find that the most recent claim they have worked on contributes to a trend of inflated payment amounts. This might give the adjuster context into how they adjust the amount depending on the details of the incident.
Header Image Credit: Claims Mag
26 comments
http://nastroyke-info.ru/
February 20, 2023 at 12:46 pm
You need to be a part of a contest for one of the most useful
websites on the net. I will highly recommend this blog!
гостиничные чеки москва
February 21, 2023 at 7:12 am
I want to to thank you for this fantastic read!!
I absolutely enjoyed every little bit of it.
I’ve got you book marked to check out new stuff you post…
Hay day скачать на компьютер
February 21, 2023 at 10:19 am
This blog was… how do you say it? Relevant!! Finally I’ve
found something that helped me. Many thanks!
кариес зубов лечение
February 21, 2023 at 6:02 pm
It is in point of fact a great and helpful
piece of information. I am satisfied that you simply shared this
helpful info with us. Please stay us up to date like this.
Thank you for sharing.
лечение кариеса
February 21, 2023 at 6:04 pm
Hello great website! Does running a blog similar to this
require a lot of work? I’ve absolutely no knowledge of programming but
I had been hoping to start my own blog in the near future.
Anyways, if you have any suggestions or techniques for new blog owners
please share. I understand this is off topic nevertheless I
just needed to ask. Kudos!
увеличение губ гиалуроновой кислотой
February 21, 2023 at 6:19 pm
Hi there, all is going sound here and ofcourse every one is
sharing facts, that’s genuinely good, keep up writing.
увеличение губ
February 21, 2023 at 6:22 pm
Thanks for sharing your thoughts on . Regards
увеличение губ гиалуроновой кислотой
February 21, 2023 at 6:25 pm
Appreciate the recommendation. Let me try it out.
лазерное удаление пигментации на лице
February 22, 2023 at 2:08 pm
hello!,I really like your writing so much! percentage we be in contact more about your article on AOL?
I need a specialist on this space to unravel my problem.
Maybe that’s you! Taking a look ahead to peer you.
удаление пигментных пятен лазером в Минске
February 22, 2023 at 2:11 pm
Wow, this article is good, my younger sister is analyzing these things,
so I am going to tell her.
http://remstrdom.ru/
February 22, 2023 at 3:58 pm
For latest information you have to pay a visit web and on internet I found this web site as a
most excellent web site for latest updates.
bob tape
February 22, 2023 at 8:30 pm
Hi there, just became aware of your blog through Google, and found that it is really informative.
I am gonna watch out for brussels. I’ll be grateful if you continue this in future.
A lot of people will be benefited from your writing.
Cheers!
bob tape
February 22, 2023 at 8:39 pm
Your style is very unique compared to other folks I have read stuff from.
Thank you for posting when you’ve got the opportunity, Guess I’ll just bookmark
this web site.
body tape for breast
February 22, 2023 at 8:49 pm
Excellent beat ! I would like to apprentice even as you amend your site, how could i subscribe for a blog web site?
The account helped me a applicable deal. I had been tiny bit acquainted of this your broadcast provided bright clear concept
https://artisaninfo.ru/
February 23, 2023 at 1:57 pm
I have been browsing online more than 2 hours today, yet I never found
any interesting article like yours. It’s pretty worth
enough for me. In my opinion, if all website owners and bloggers made good content
as you did, the internet will be a lot more useful than ever before.
http://masterok-tut.ru/
February 24, 2023 at 11:36 am
I’m extremely inspired together with your writing skills as smartly as with the
format in your weblog. Is that this a paid topic or did you customize it your self?
Anyway keep up the excellent high quality writing, it’s uncommon to peer a great weblog like this one nowadays..
sadovnikinfo.ru
February 25, 2023 at 8:00 pm
Hello there! This is my first visit to your blog!
We are a team of volunteers and starting a new project in a community in the same niche.
Your blog provided us useful information to work on. You have done a marvellous job!
Гостиничные чеки в Москве
February 25, 2023 at 11:19 pm
Hello there, I found your site by way of Google at the same
time as searching for a similar topic, your web site came
up, it appears to be like great. I’ve bookmarked it
in my google bookmarks.
Hi there, simply became alert to your weblog through Google, and found that it is
truly informative. I am gonna watch out for brussels. I will
appreciate if you happen to continue this in future.
Numerous other people will be benefited out of your writing.
Cheers!
https://nakrutka-prosmotrov-yappy-pr2.online/
February 26, 2023 at 9:01 pm
What’s up to every body, it’s my first pay a visit of this web site;
this weblog carries remarkable and actually excellent information in favor of visitors.
https://nakrutka-prosmotrov-yappy-pr2.ru/
February 26, 2023 at 9:13 pm
Awesome blog you have here but I was curious about
if you knew of any community forums that cover the same topics talked about here?
I’d really love to be a part of community where I
can get feedback from other experienced individuals that share the same interest.
If you have any suggestions, please let me know.
Cheers!
установка кондиционера в Минске
February 27, 2023 at 5:59 pm
Oh my goodness! Amazing article dude! Thank you, However I
am going through problems with your RSS. I don’t understand
why I cannot subscribe to it. Is there anybody else getting identical RSS problems?
Anyone that knows the answer will you kindly respond? Thanks!!
http://infocars24.ru/
February 27, 2023 at 6:07 pm
Thanks for sharing your thoughts. I truly appreciate your efforts and I will be waiting for your next
write ups thanks once again.
Установка кондиционера Минск
February 27, 2023 at 7:20 pm
Can you tell us more about this? I’d care
to find out some additional information.
http://cb23.ru/
February 28, 2023 at 11:16 am
Keep on working, great job!
Гостиничные чеки купить в Москве
February 28, 2023 at 3:16 pm
May I simply just say what a comfort to find somebody who
actually knows what they are talking about online.
You actually know how to bring a problem to light
and make it important. More and more people really need to look at this and understand
this side of the story. It’s surprising you aren’t more
popular given that you most certainly possess the gift.
http://yes-cars.ru/
March 1, 2023 at 8:02 am
I got this website from my pal who shared with me about this web site and now this time I am browsing this site
and reading very informative posts here.