Insuranceciooutlook
FRISS: Reinstating Trust through Honest Insurance

Top 10 Artificial Intelligence Companies - 2018

The field of Artificial intelligence has seen a massive growth in the recent years. AI and machine learning have reached a critical upturn point where and it expected to further increase the augmented technology and virtually extend every technology enabled service, thing, or application. From self-driven card to Siri and Alexa, AI has reached a massive potential where it has disrupted the business paradigms that exists and, in turn, have produced better results. By creating intelligent system that can learn, adapt, and efficiently execute predefined instructions is the primary battleground for almost all the technology vendors. Because of this, organizations are leveraging AI as a primary factor for driving better business processes, engaging customers, and increasing revenue.

AI also promises a significant impact on the bottom line of businesses ‘by using speech recognition, virtual agents, deep learning, biometrics, and robotic process automation. Machine learning is also incorporated to surface insights into day-to-day workflows and processes. The enterprise AI solutions often include of managed solutions on the edge of the product offerings that reduces the complexity of the customers and ensures action orientation. To meet the global requirements, a lot of AI specialists, system integrators, and solution providers are putting technologies such as IoT, big data, machine learning, and hybrid integration into using to further innovate the AI realm. As AI is being included in more and more platforms and software, it serves the enterprise into creating a competitive advantage within the respective industries.

To help enterprises find the right solution for their AI initiatives, a distinguished panel comprising CEOs, CTOs, analysts, and CIO Outlook’s editorial board has selected the top players in the sector. The companies featured here demonstrate an ability to develop innovative technologies while providing outstanding customer service.

We present to you “Top 10 Artificial Intelligence Solution Providers 2018.”

Top Artificial Intelligence Companies for Insurance

FRISS focuses on automated risk and fraud detection for P&C insurance companies across the world. It comprises a group of talented people dedicated to fighting insurance fraud. Backed with artificial intelligence (AI) data, FRISS detects and prevents insurance frauds, mitigates risk, and assists in digital transformation. The real-time FRISS score indicates the risk of each policy or claim. Moreover, the AI equipped score involves expert business knowledge with more than 10 years ofinsurance expertise. It offers a transparent and holistic view onrisks and frauds, which renders a company with actionable insights

www.friss.com

Spraoi focuses on insurance technology solutions with the aid of machine learning (ML). It offers a next generation customer-focused insurance technology solutions that are cost-effective along with round-the-clock support. With acombination of an out of the box machine learning (ML) and customer experience solutions,its domain and engineering talent can deliver expeditious technology solutions. It offers two solutions:KwikcoverTM that provides anarchitected sale, service, and claims portal applications. Spraoi’s othersolution, Insurance Machine Learning algorithms are designed tooptimize functions across the value chain with the help of its SaaSmodel

spraoi.ai

Cape Analytics

Cape Analytics

Cape Analytics leverages geospatial imagery and deep learning to provide insurers and other stakeholders with instant property intelligence fo rbuildings across the US. It unlocks the value of massive amounts of geospatial imagery with the help of deep learning and rigorous data science. It also allows them to access valuable property attributes to better select risks and simplify the underwriting processes while enhancing the agent and customer experience. The actionable property information results in a better understanding of the risk profile and value of property assets

CCC

CCC

CCC’s big data insights and solutions are delivered via a powerful CCCONE™ platform that connects a vast network of over 350 insurancec ompanies, OEMS< part suppliers,and several third-party data and service providers. It also provides casualty solutions to auto insurers for dealing with first and third party claims via its Auto Injury Solutions Inc. The combination of CCC’s flexible, smart, and intuitive solutions make vehicle, connected car, and accident data actionable, which will assist the insurers as well as various stakeholders with informed decision making

Clara Analytics

Clara Analytics

CLARA Analytics is a dedicated provider of artificial intelligence (AI)technology for the commercial insurance industry. The company wants to maximize its impact on the commercial insurance industry. Its machine learning (ML) solutions dramatically reduce claim costs byanticipating the claims and align the top resources to fulfill those needs.The solutions highlight the most accurate and robust data sets in the industry. It empowers worker’s compensation claims team to get the workers to return to work soon with easy-to-use artificial intelligence(AI)-based products. Its CLARA providers search engine is a provider scoring engine that helps to connect the injured workers to the appropriate provider rapidly

Everstring

Everstring

EverString provides solutions for artificial intelligence (AI)-assisted underwriting that identify risk and promotes growth with machinelearning (ML) and comprehensive company data. It allows automated labeling of sub-industries for better insights over risk decisions. It also offers self-predictive analytics tospot high-risk companies in real-time.Identification of known and potential problems and discrepancies inapplication data are also under the scope of EverString’s solutions. It quantifies a company’s growthrelative to all companies and its peers while proactively identifying signs of instability and stability of any company

Expert System

Expert System

Expert System’s software uses the power of technology and language totransform unstructured contents. Insurance companies, government,and other stakeholders can utilize the insights to make more enlightened decisions, an dstrengthen their weaker aspects.It boasts a patented technology that addresses millions of concepts,definitions, and relationships where applications can scan and understand various languages like a human. Expert system has the means to produce top-shelf products and offers an unparalleled service. ExpertSystem’s solutions are adding value to the processes of several insurance companies

IBM

IBM

While IBM expertise at offering itsleading solutions as stand-alone solutions, it is also extending them tothe IBM Insurance Platform. It enables the low cost of ownership, return on investment, and data security, which are crucial factors which are often weighed upon by the insurers. Its insurance industry platforms and blockchain are transforming the insurer’s business habits, response to customer expectations, and develop innovative product offerings. It allows assists the insurers to predict over the next possible attack. Further,the solutions are aimed at improving customer experience and engagement with artificial intelligence (AI) for callcenter, virtual agent, and mobile solutions

MindTitan

MindTitan

MindTitan leverages artificial intelligence (AI) solutions to identify critical areas critical for business growth. It also uses the data to unlockand analyze them in a way which provides insurance companies with several benefits such as enhancing customer service, pricing policy, faster claims settlements, and easier fraud detection or risk management. It incorporates AI-powered chatbots that assist with self-service queries on endorsements, policy issuance,cancellations, endorsements, and renewals. Its AI models likevoice/speech or text analysis can understand and transcribe spoken words and connect content to claim

WorkFusion

WorkFusion

WorkFusion’s artificial intelligence(AI)-driven RPA assists insurers and insurance companies to meet expectations such as reduced expenses, increased pressure to speed up cycle times, and improved customer satisfaction. Its AI-driven RPA helps in automating high-volume,unstructured data which are too complicated for traditional RPA.WorkFusions’s RPA also facilitates faster payment to the customer while streamlining the insurance claim payment process. WorkFusion is leveraging AI solutions for automated claims payment with faster processing of the claims as it understands that it is crucial for customer satisfaction and will be the game-changing aspect for the insurers