AI & Claims Processing. How Insurers can use AI to drive better claim outcomes.
As someone with a background in insurance claims, I look forward to participating in the Digital Claims event next week.
Claims processing has come a long way since I first started, and I’m excited to see how it continues to evolve. In my research leading up to the conference, I’ve been reading about some exciting new trends in the field. Of course, there is a lot about AI’s potential impact, and it’s a hot topic, but I’m curious about its effects and potential drawbacks.
This week’s feature article shows how insurers can use AI to drive better claim outcomes. 🙌
This Week’s Top Reads:
- ChatGPT & Economic Intelligence
- As generative AI gains pace, industry leaders explain how to make it a force for good
- Algorithms auditing algorithms: GPT-4 a reminder that responsible AI is moving beyond human scale
- CIOs Discover That Video Conferences Make Work Harder
- What Are the Trends of Insurtech?
ChatGPT & Economic Intelligence
The limits of ChatGPT can be mitigated by cross-referencing the results with alternative methods or with several AI tools.
A revolution through artificial intelligence (AI) is brewing.
ChatGPT is the symptom of this: between the progress it promises and the risks it poses, professionals in all sectors seek to seize the opportunities offered by the tool as much as to guard against its risks. Back to the implications of ChatGPT for the different professions of economic intelligence (IE).
GPT Behind ChatGPT
Despite its $10 million investment by Microsoft and an estimated value of $29 billion in 2023, the Open AI LP company has only recently become the focus of attention. In question, the launch of ChatGPT was welcomed by a rush of users, whose number reached 100 million in January.
As generative AI gains pace, industry leaders explain how to make it a force for good
The future of AI looks bright with generative AI and large language models with socially beneficial use cases, including waste elimination and fraud detention.
Artificial intelligence (AI) is becoming more ubiquitous, gaining more social uses and is now more accessible to the everyday person.
Those prospects are exciting but there remain challenges regarding fairness and de-biased results. And what about the unintended consequences or harms of AI? How can those working in the AI and machine learning industry ensure that AI remains a force for good?
Panellists of the World Economic Forum AI & Machine Learning Platform Quarterly Connect grappled with those questions in a webinar on 23 March 2023.
Training data for ethical AI
All three speakers are sitting across the helm of companies that have recognized the ethical dilemmas that arise from AI when trained on bad data. All foresee fairness and bias to be persistent themes when it comes to achieving their goals.
Algorithms auditing algorithms: GPT-4 a reminder that responsible AI is moving beyond human scale
Responsible AI is the foundation for developing accurate, effective and trustworthy AI systems; by addressing biases, enhancing generalizability, ensuring transparency and protecting user privacy, responsible AI leads to better-performing AI models.
Artificial intelligence (AI) is revolutionizing industries, streamlining processes, and, hopefully, on its way to improving the quality of life for people around the world — all very exciting news. That said, with the increasing influence of AI systems, it’s crucial to ensure that these technologies are developed and implemented responsibly.
Responsible AI is not just about adhering to regulations and ethical guidelines; it is the key to creating more accurate and effective AI models.
In this piece, we will discuss how responsible AI leads to better-performing AI systems; explore the existing and upcoming regulations related to AI compliance; and emphasize the need for software and AI solutions to tackle these challenges.
CIOs Discover That Video Conferences Make Work Harder
It turns out that video can have an impact on spoken communication.
Perhaps more than anyone else in the office, CIOs understand that how we go about doing work has changed forever.
Video conferencing used to be a unique thing that was used by only a few people. Now it seems as though everyone in the company is using it. Remote workers rely on it and even workers who are in the same building may not get up to go to a meeting if they can just “dial in”.
However, new research is starting to reveal that our reliance on video conferencing may be having an impact on how we are all communicating with each other.
The Problem With Video Conferences
CIOs know that everyone has mastered the art of the video call. However, now out comes new research that suggests videoconferencing can actually hamper collaboration.
What Are the Trends of Insurtech?
From personalized insurance offerings to the adoption of AI and blockchain technology, these trends are revolutionizing the way insurance is delivered and experienced by customers.
As the Insurtech industry continues to evolve rapidly, it’s essential to stay informed about the latest trends shaping the sector.
To help you stay ahead of the curve, we’ve gathered insights from 14 industry experts on the most significant trends happening in Insurtech today.
- Personalized Insurance Offerings
- AI and ML Enhancing Efficiency and Precision
- Blockchain Adoption Decentralizing the Industry
- Innovative Solutions Emerging from Big Data
- Blockchain Stabilizing Fraud Prevention
- AI and ML Improving Customer Experience
- AI-Powered Underwriting and Claims Processing
- IoT Devices Enable Premium Adjustments
- Heightened Customization and Personalization in Insurance Products
- Drone Technology Revolutionizes Risk Assessment
- Maintaining Customer Trust With Additional Contact Points
- Data Analytics Transforming Insurtech
- Experts Designing Software via User-Friendly Platforms
- Digital Distribution Channels Reaching a Broader Audience
AI and Claims Processing: Can It Make Claims Smarter and Faster?
Insider Engage caught up with two companies at the 2023 edition of Insurtech Insights Europe to discuss how artificial intelligence implementations can enable insurance companies to improve efficiency and help them better serve their customers.
Insurance companies are now more than ever using artificial intelligence (AI) to achieve better claims outcomes; and to create a customer experience that will attract as well as retain customers.
AI insurtech startup Omni:us provides intelligent insurance claims automation solutions and aims to help insurance companies to automate claims processing and reduce costs. “We handle claims from the beginning of the process right until the end where we initiate the final pay out,” says Micko. “We want to make sure that we are able to fully support our clients with our technology, however, if necessary we will also have human input,” says Martin Micko, chief operating officer at Omni:us.
According to Micko the insurance industry’s culture has impeded progress in adopting new technology. “Claims management start with culture,” he says. “The industry’s culture influences the strategy they adopt. Twenty years ago insurers believed they could develop everything by themselves versus buying off the shelf.”
THE DIGITAL EYE
I hope these articles are valuable.
I am passionate about technology, and I want to share that passion with you. I believe that it’s essential for everyone to stay up-to-date on the latest trends, so I’ve set out to cover all aspects of the industry – from data analytics to blockchain and AI.
Please let me know if you want to see any other topics covered, and I would appreciate your help sharing this blog with others interested.