Insuranceciooutlook
 DeepFraud: The One-Stop Solution for Fraud Detection, Triage, and Investigation

Top 10 Artificial Intelligence Solution Companies - 2019

A digital transformation is no longer an option for insurers. Changing business strategies and dynamic customer demands make it critical for them to embrace AI, IoT, and use them intelligently across the value chain for superior brand differentiation and profitability. By processing the real-time data collected by sensors through AI, carriers can understand their clients more deeply, resulting in the creation of new product categories, more personalized pricing, and real-time service delivery.

Thanks to AI, smart insurance companies are experiencing a transformation in business strategy from “detect and repair” to “predict and prevent.” Organizations are developing cutting edge AI-based solutions to transform the insurance industry through the audio, image, and video analysis, wherein insurers can now automate several processes and settle claims quickly. For instance, an individual having a car insurance policy can file an instant claim in the event of an accident by uploading pictures of the crash via mobile app. AI-based algorithms, programmed to curate relevant claims-related data from images, can then accurately gauge the extent of damage, and automate the claims assessment process. Auto insurers can also launch a usage-based insurance model, wherein case a policyholder drives recklessly, sensors would swiftly detect and transmit the data to the insurer’s IoT platform for a corresponding increase in the premium.

This edition of Insurance CIO Outlook features companies that are at the forefront of offering AI solutions like DeepFraud, Expert System, and Cape Analytics. Insurance CIO Outlook’s editorial board has assessed and shortlisted some of the most prominent organizations in the industry that solve AI challenges by implementing the current technological trends in the space. Insurance CIO Outlook presents to you an exclusive edition on Top 10 Artificial Intelligence Solution Providers in 2019.

Top Artificial Intelligence Companies for Insurance

Cape Analytics, a San Francisco based AI-enabled startup, is providing companies which protect and finance homes and businesses, with actionable information to help them better understand the risk profile and value of property assets. Since 2014, Cape Analytics combines computer vision and deep learning with geospatial imagery to help insurance companies evaluate valuable property attributes at the time of underwriting. Its imagery updates can detect and assess a property remotely. The company is backed by leading venture firms and comprised of computer vision and risk analysis experts. Cape Analytics allows insurers to better select risks and streamline their underwriting processes while improving the customer experience

capeanalytics.com

Offers a purpose-built, cutting edge, scalable, and easy to adopt data analytics solution that can augment the effectiveness of fraud detection, triage, and investigation

deepfraud.com

Develops cognitive computing and text analytics software which is able to understand the meaning of written language the way people do

expertsystem.com

ApexonHealth

ApexonHealth

Leveraging the power of artificial intelligence to create breakthrough improvements in pre and post claims payment

CLARA analytics

CLARA analytics

Driving change in the commercial insurance markets with easy-to-use AI-based solutions, CLARA analytics dramatically reduce claims costs by anticipating the needs of claimants and helping align the best resources to meet those needs. The company's solutions include CLARA providers and CLARA claims. The former is an award-winning provider scoring engine that helps rapidly connect injured workers with top performing doctors while the latter is an early warning system that helps frontline claims teams efficiently manage claims, reduce escalations and understand the drivers of complexity

CyberFortress

CyberFortress

A Texas-based insuretech startup building a new kind of online business interruption policy designed for small business

FRISS

FRISS

Provide AI powered detection solutions for underwriting, claims and SIU that help to grow businesses

Groundspeed Ann

Groundspeed Ann

An artificial intelligence (AI) and data science company Groundspeed provides of automation and analytics services unlocking the value trapped in unstructured P&C files like exposure schedules, loss runs, and policies using the power machine learning and AI to commercial insurers, brokers, and TPAs. With a robust tech stack and incredible work culture the company uses the unstructured information such as loss runs, exposure schedules, and policy data and automates core processes that result to robust predictive risk analysis that improve margins, identify profit pools, and enhance the customer experience

SHADE.ai

SHADE.ai

An AI-powered solution that connects with the mid-market transforming reactive service into proactive, personalized experiences and higher leads for life & health insurers. SHADE.ai with their Insurance AI agents helps to build profound, personal relationship with their customers in real-time, it guides your customers to guide the customers by offering proactive insuring. Their innovative ensuring technology includes Real-time documents, verification, and KYC/AML validation, faster onboarding via conversational AI, and more natural claim submit and process In-depth interaction analysis

Traffk

Traffk

Traffk provides industry-leading curated alternative insurance information database which boost predictive accuracy in modeling and actuarial development, underwriting and internal inter-departmental workflows that aligns actuaries, underwriting and consumer acquisition activities. The company’s approach moves companies into data-driven environments through decades of insurance industry domain expertise, modern technology stacks, and pioneering data science applied to insurance markets. The scalable, nimble platform enables organizations to move forward with integration paths that meet insurance stakeholders, enabling insurance digitization and modernization