The 20 cases of AI in insurance.
| Case | Position in insurance | Examples of AI applications | |
|---|---|---|---|
| 1 | Lloyd’s of London | Large incumbent, B2B, multichannel | Data entry quality control: AI analyses contracts to ensure regulatory compliance. |
| 2 | Willis Towers Watson | Large incumbent, B2B, multichannel | When processing a claim or evaluating a business customer AI can identify the right expert and bring in their expertise at the right point. |
| 3 | AVIVA | Large incumbent, B2C multichannel | A virtual assistant can be asked questions with natural language and reply. |
| 4 | Compare themarket.com | Incumbent, tech-focused B2C, company offering a platform | Digital Voice: Full or semi-automatic interaction with the consumer using natural language processing and big data are supported by AI. |
| 5 | Bupa | Incumbent, health insurance and healthcare provider | AI is used for Illness and disability claim prediction. |
| 6 | Confused.com | Online, tech-focused, B2C, low cost focused on car insurance | AI supporter virtual assistants (chatbots) support the customer with sentiment analysis and automation of time-consuming and repetitive tasks. |
| 7 | CUVVA | Small start-up, online, B2C, offers innovative services | AI supports underwriting, claims processing and fraud detection. |
| 8 | AXA | Large incumbent, B2C, multichannel | AI supports underwriting, customization, claims processing and fraud detection. |
| 9 | Zurich Insurance | Large incumbent, B2C, multichannel | Fraud detection and reduction. AI also supports underwriting and claims processing. |
| 10 | Tokio Marine | Large incumbent, B2C, multichannel | Claim documentation, AI “reads” hand-written documents. |
| 11 | Manulife | Large incumbent, B2C, multichannel | AI can underwrite insurance independently. |
| 12 | Allstate | Large incumbent, B2C, multichannel | AI supports underwriting, customization with a virtual assistant, claims processing and fraud detection. |
| 13 | GEICO | Large incumbent, technology focused, B2C, specialized in car insurance | Recruitment, AI carries out interview and matches the applicant’s skills to the right roles. |
| 14 | Progressive | Large incumbent, technology focused | AI is used to improve efficiency across a complete process so that humans are not needed. |
| 15 | Lemonade Insurance | Online, no physical stores, relatively new, technology focused, B2C, offers innovative services | Their virtual assistant called “AI Jim”. “AI Jim” can interact with the consumer during the buying a policy, switching from another insurer, claims process. AI supports behavioral analysis. |
| 16 | FRI:DAY | Small start-up, online, technology focused B2C, offers innovative services | The Guidewire system used are achieved by AI that is trained specifically to identify patterns that indicate fraud in insurance. |
| 17 | Ping An Insurance | Large incumbent, B2C, multichannel, offers innovative services | Innovative services utilize AI to be proactive and shape behavior like improving health. |
| 18 | Alibaba | Tech and e-commerce giant, with large user base entering the insurance sector with innovative services | Alibaba uses AI heavily in healthcare and this is being integrated with new insurance products. |
| 19 | Tencent | Tech and e-commerce giant, large user base entering insurance with innovative services | AI is used across this technology giant’s e-commerce and social media for analysis, facial recognition, natural language processing, fraud detection and security. |
| 20 | TESLA | Tech company influencing insurance sector | There are new opportunities and challenges for insurance created by AI in self-driving cars. |
| Case | Position in insurance | Examples of AI applications | |
|---|---|---|---|
| 1 | Lloyd’s of London | Large incumbent, B2B, multichannel | Data entry quality control: AI analyses contracts to ensure regulatory compliance. |
| 2 | Willis Towers Watson | Large incumbent, B2B, multichannel | When processing a claim or evaluating a business customer AI can identify the right expert and bring in their expertise at the right point. |
| 3 | AVIVA | Large incumbent, B2C multichannel | A virtual assistant can be asked questions with natural language and reply. |
| 4 | Compare themarket.com | Incumbent, tech-focused B2C, company offering a platform | Digital Voice: Full or semi-automatic interaction with the consumer using natural language processing and big data are supported by AI. |
| 5 | Bupa | Incumbent, health insurance and healthcare provider | AI is used for Illness and disability claim prediction. |
| 6 | Confused.com | Online, tech-focused, B2C, low cost focused on car insurance | AI supporter virtual assistants (chatbots) support the customer with sentiment analysis and automation of time-consuming and repetitive tasks. |
| 7 | CUVVA | Small start-up, online, B2C, offers innovative services | AI supports underwriting, claims processing and fraud detection. |
| 8 | AXA | Large incumbent, B2C, multichannel | AI supports underwriting, customization, claims processing and fraud detection. |
| 9 | Zurich Insurance | Large incumbent, B2C, multichannel | Fraud detection and reduction. AI also supports underwriting and claims processing. |
| 10 | Tokio Marine | Large incumbent, B2C, multichannel | Claim documentation, AI “reads” hand-written documents. |
| 11 | Manulife | Large incumbent, B2C, multichannel | AI can underwrite insurance independently. |
| 12 | Allstate | Large incumbent, B2C, multichannel | AI supports underwriting, customization with a virtual assistant, claims processing and fraud detection. |
| 13 | GEICO | Large incumbent, technology focused, B2C, specialized in car insurance | Recruitment, AI carries out interview and matches the applicant’s skills to the right roles. |
| 14 | Progressive | Large incumbent, technology focused | AI is used to improve efficiency across a complete process so that humans are not needed. |
| 15 | Lemonade Insurance | Online, no physical stores, relatively new, technology focused, B2C, offers innovative services | Their virtual assistant called “AI Jim”. “AI Jim” can interact with the consumer during the buying a policy, switching from another insurer, claims process. AI supports behavioral analysis. |
| 16 | FRI:DAY | Small start-up, online, technology focused B2C, offers innovative services | The Guidewire system used are achieved by AI that is trained specifically to identify patterns that indicate fraud in insurance. |
| 17 | Ping An Insurance | Large incumbent, B2C, multichannel, offers innovative services | Innovative services utilize AI to be proactive and shape behavior like improving health. |
| 18 | Alibaba | Tech and e-commerce giant, with large user base entering the insurance sector with innovative services | Alibaba uses AI heavily in healthcare and this is being integrated with new insurance products. |
| 19 | Tencent | Tech and e-commerce giant, large user base entering insurance with innovative services | AI is used across this technology giant’s e-commerce and social media for analysis, facial recognition, natural language processing, fraud detection and security. |
| 20 | TESLA | Tech company influencing insurance sector | There are new opportunities and challenges for insurance created by AI in self-driving cars. |
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