15th November 2023

AI-Editor's highlight extracts from Insurance Newslink articles in the last 3 months

-PwC UK announced an alliance with Clearspeed Inc., a leading provider of voice analytics technology for accurate, automated risk assessment at scale. This alliance gives the firm’s clients the opportunity to enhance the experience of their customers by speeding up their claim, application or process, while more efficiently and effectively managing fraud risk across their operations. The alliance is part of PwC’s ongoing commitment to make optimal use of innovative new technologies to tackle the most important business and societal challenges, fraud being a major one=Clearspeed’s innovative voice-based technology provides a highly accurate and unbiased assessment of risk-by asking a set of simple questions, Clearspeed’s AI-enabled platform identifies vocal characteristics in the answers that are associated with risk on a real time basis. By working with Clearspeed, PwC will help empower organisations dealing with high volumes of customer interactions where there may be fraud exposure-be that in the insurance, banking or public sectors-to successfully process a significantly higher proportion of cases more quickly and without any further human intervention.
-A Geneva Association report provided insight into the evolving AI regulatory landscape for insurers. The report analyses the varying approaches to AI regulation and explores their impact on the insurance industry. Taking stock of these developments, the report provides key considerations for regulators and policymakers that encourage innovation while ensuring adequate protection for customers-in particular, it finds that existing, technology-neutral insurance regulatory frameworks can be leveraged to manage AI-related risks specific to insurance, whereas cross-sectoral regulation could hinder innovation.
-PoloWorks launched its new digital market offering, Polo Digital, to support Blueprint 2 and the digitisation of the London Market-Polo, which is the trading name of Polo Managing Agency(PMA) and Polo Commercial Insurance Services(PCIS), said that this new service will allow its clients to access a wide range of AI supported digital solutions that involve the creation, storage, transformation, and management of underwriting data sets, through Digitisation as a Service(DaaS).
-There has been a six-fold increase in searches(over 3,500 a month) conducted by UK insurers to detect fraud and uncover fraud networks, thanks to IFB Exploration-the new AI-driven counter-fraud solution launched by the Insurance Fraud Bureau IFB) one year ago-Utilised exclusively by IFB members, IFB Exploration was created in partnership with Shift Technology to give the industry an agile, shared solution that can harness artificial intelligence to learn and adapt to evolving threats.
-Swiss Re reported that Digitisation is a source of new growth, new risks and new efficiencies for the insurance industry. Digital value creation has led to an increase of firms' intangible assets, including digital data. At the same time, increased dependency on digital infrastructure makes such assets more vulnerable, for example to business interruption and cyberattacks. In its latest sigma study, "The economics of digitalisation in insurance", Swiss Re Institute finds that potential benefits across countries and throughout the insurance value chain are far from exhausted.
In the report, Swiss Re Institute introduces the Insurance Digitalisation Index, which tracks the progress made in 29 sample countries with respect to the digitisation of their insurance markets. South Korea came out on top of the index, followed by Sweden, Finland and the US. While advanced markets with strong physical infrastructure and high internet access rates have made most progress in digitising their economies, China, Slovenia and India are catching up- China, for example, has moved up by ten places in just ten years. This is because emerging markets can jump straight into adopting newer digital technologies rather than transitioning from legacy systems
-Clearwater Analytics, a provider of SaaS-based investment management, accounting, reporting, and analytics solutions, released the latest findings from a collaborative report, "The Digital Promise: Operational Challenges, Approaches, and Progress for European Insurers", with specialist consultancy firm Sionic. European insurers are facing complex challenges and opportunities in the era of digital transformation-Clearwater’s software aggregates, reconciles, and validates data from more than 2,800 daily data feeds and more than four million securities that have been modelled across multszes the latest machine learning and AI tools to manage complex tasks around structured and unstructured data-the cleansed and validated data runs through Clearwater’s proprietary accounting, performance, compliance, and risk solutions to provide clients with powerful analytics and on-demand, configurable reporting.
-Xceedance, a leading global provider of strategic operations support, technology, and data services for insurance organizations, announced the establishment of a Center of Excellence for Generative AI-the initiative will see significant investments in developing and introducing high-ROI generative AI use cases across the insurance value chain.
-Sapiens International Corporation announced the launch of Sapiens Decision Model.AI, integrating Microsoft Azure OpenAI Service into Sapiens Decision to transform the way that business decision models are created.
-In a move to accelerate transformation and reshape the insurance industry, Majesco has announced the launch of Majesco Copilot. This solution has been developed in collaboration with Microsoft, incorporating their cutting-edge AI models through Microsoft’s Azure OpenAI Service into Majesco solutions for P&C and L&AH insurance-Majesco Copilot harnesses the capabilities of Azure OpenAI Service to streamline processes, optimise data handling, and elevate the user experience, marking a significant advancement in the way insurance professionals interact with insurance software platforms.
-FRISS, a Guidewire PartnerConnect Solution partner,announced the launch of the FRISS Accelerator for Claims Analytics for ClaimCenter Cloud-the accelerator leverages the latest capabilities of the Guidewire Cloud Integration Framework, and is available in the Guidewire Marketplace to ClaimCenter users on Guidewire Cloud. FRISS's real-time accelerator uses a wide variety of powerful AI techniques, internal and 3rd-party data, network analytics, and risk and fraud indicators to consistently analyze claims. It promptly flags suspicious claims and allows for trustworthy claims to go on a fast track, all directly within ClaimCenter.

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