31st January 2024

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

-Messagepoint announced enhancements to its generative AI capabilities to further support organisations in creating communications that are easy for customers to understand-as part of its Intelligent Content Hub for customer communications management, Messagepoint’s AI-powered Assisted Authoring will now support translation into over 80 languages and suggest content rewrites to align communications with the ISO standard for plain language.
-Duck Creek Technologies reported the release of Duck Creek Clarity, an innovative, cloud-native technology solution and the successor to Duck Creek Insights, designed to empower insurers with advanced data management, reporting, and analytics capabilities-with the introduction of Duck Creek Clarity, the company also modernises the traditional technology upgrade cycle through a unique “Active Delivery” approach, which provides continuous updates and eliminates the need for insurers to undergo timely and costly upgrade projects.
-Manoj Pant, senior director and EMEA Insurance Industry principal at Pega, commented:
"AI has been transforming the way industries operate, and insurance is no exception. The integration of AI into mainstream practices is poised to revolutionise the insurance landscape and mark a shift towards autonomous enterprise. Insurers are on the brink of unlocking the many benefits that AI offers, ushering in a new era of heightened automation, process optimisation, and an elevated customer experience.
As we approach this transformative phase, dynamic AI models, marked by continuous learning and self-optimisation, will replace traditional rules-based decision-making systems in the insurance industry. For example, most of the straight-through processing is currently rule-based, and AI can leverage insights from past claims to identify new ones that are suitable for straight-through processing. This evolution also positions AI as a trusted co-pilot, collaborating seamlessly with customer service representatives to enhance customer experiences through quicker and more accurate decision-making."
-Drawing on nearly two decades of original risks perception data, the World Economic Forum’s Global Risks Report 2024 warns of a global risks landscape in which progress in human development is being chipped away slowly, leaving states and individuals vulnerable to new and resurgent risksagainst a backdrop of systemic shifts in global power dynamics, climate, technology and demographics, global risks are stretching the world’s adaptative capacity to its limit.
-FRISS announced its strategic collaboration with FIN-X, a research initiative by the University of Applied Science Utrecht, focused on innovative technologies and responsible AI-this partnership underscores FRISS's commitment to further advancing responsible AI practices within the insurance ecosystem, aligning with the company's dedication to unleashing the full potential of AI technologies while mitigating risks-in an ever-evolving landscape where AI plays a pivotal role in transforming the insurance sector, FRISS said it recognizes the importance of responsible AI development-the collaboration with FIN-X represents a significant step and aims to remain at the forefront of ethical and compliant use of artificial intelligence in insurance.
-AdvantageGo, a leading commercial insurance and reinsurance software provider and part of Coforge, reported a strategic alliance with mea platform, a AI-powered processing provider for insurance companies-the latest of several ecosystem alliances, mea intelligently deploys technology, including AI, to quickly solve problems for (re)insurers, brokers and MGAs-an InsurTech provider, mea’s software automatically extracts risk data from submission documents without any need for AI training or implementation effort, offering an instant solution and immediate value.

AI Trends(513 mentions in Insurance Newslink)