Old school vs. new school. Every so often, a debate echoes down the corridor of time as the disrupters of the status quo burst on the scene with novel ways of doing things, while the established players cling to the …
Insurers are getting a larger share of suspicious claim referrals from fraud-detection technology and are increasingly using artificial intelligence to sift through data, according to a new study by the Coalition Against Insurance Fraud and SAS. The Insurance Fraud Technology …
American Financial Group (AFG) recently acquired Verikai Inc., a machine learning and artificial intelligence company that utilizes a predictive risk tool for assessing insurance risk. AFG said it paid approximately $120 million in cash at closing. California-based Verikai will continue …
Insurtech Reask, an Australian science and technology company that focuses on natural hazard modeling, announced it has closed its seed funding round, led by Tencent, the global technology giant headquartered in China. The funding will support the next stage of …
Daniele Presutti, Accenture’s Insurance lead in Europe, and Silvia Milián, Accenture’s Insurance lead for strategy and consulting in Iberia discuss how the submissions to 2021’s Efma-Accenture Innovation in Insurance Awards demonstrated the extent that the insurance industry has been developing …
Zurich Insurance Group agreed to acquire Estonia-based company AlphaChat, which provides conversational artificial intelligence (AI) technology for customer service automation, to further enhance the group’s digital capabilities. Financial details of the transaction were not disclosed. AlphaChat is one of the …
Russian tech giant Yandex plans to reward responsible drivers on its car-sharing platform with cheaper insurance this year, it told Reuters, using machine learning in a pilot program similar to one already adopted by Tesla. Newly listed Renaissance Insurance has …
China has won the artificial intelligence battle with the United States and is heading towards global dominance because of its technological advances, the Pentagon’s former software chief told the Financial Times. China, the world’s second largest economy, is likely to …
Brit Ltd., the London-based specialty insurer and reinsurer, announced the creation and successful proof-of-concept launch of a proprietary machine-learning algorithm, designed to accelerate the identification of post-catastrophe property damage, based on the use of ultra-high-resolution imagery. This proof of concept …
In September last year, Google’s cloud unit looked into using artificial intelligence to help a financial firm decide whom to lend money to. It turned down the client’s idea after weeks of internal discussions, deeming the project too ethically dicey …
