Insuranceciooutlook
Citytwig: Insurance Roadmap Intelligence

Top 10 Artificial Intelligence Solution Companies - 2020

Being one of the highly regulated industries, the insurance sector had been slow in embracing technological disruption. Even now, insurance companies are challenged with time-consuming paperwork and bureaucracy related to several processes such as claim reimbursement. That being said, there is a steady shift in the scenario with the insurers readily adopting different technologies to realize the myriad of benefits, including improving the bottom line and customer experience. The proliferation of numerous insurtech startups further solidifies this trend and highlights a future of technological advancements for the industry.

AI is at the center of the technology disruption in the insurance industry. Today, insurers across the globe are implementing AI to transform multiple areas in the insurance sector. To improve customer experience, companies are investing in virtual assistants such as chatbots. This helps them accomplish various tasks, including answering customer questions around round-the-clock, from solving basic policy related queries to handling customers’ complaints. The chatbots also facilitate integration with other channels, engaging customers in their preferred communication mode. Further, AI provides the opportunity for insurance agents to gain detailed insights into digital customers, such as their demographics, interests, and shopping patterns. With the increasing demand from digital customers for sophisticated products at affordable prices, this information can be leveraged to engage them in their context and customize policies according to their specific needs. Another prominent use case of AI is in fraud detection and prevention. Utilizing AI and machine learning, insurers can analyze historical data to detect fraud and proactively take prevention measures. Introducing such unique opportunities, AI has the potential to transform the insurance experience from time-consuming and bureaucratic to fast and on-demand.

Keeping in tandem with these trends, insurance companies have to up their game and transform their processes, leveraging cutting-edge technologies in order to stay relevant in the future. In light of these significant technological advancements today, Insurance CIO Outlook has compiled a list of top 10 artificial intelligence solution providers to guide enterprise leaderships in harnessing the power of technology to embrace innovation and enhance productivity.

With exceptional technological acumen and numerous success stories up their sleeves, many of these companies have consistently proven their expertise in the robust AI solution landscape. We hope this issue of Insurance CIO Outlook helps you build the partnership you and your firm need to adopt efficient AI solutions to streamline operations and enhance customer experience, thereby increasing organizational productivity.

We present to you Insurance CIO Outlook’s Top 10 Artificial Intelligence Solution Providers—2020.

Top Artificial Intelligence Solution Companies

Citytwig uses AI and machine learning to help people find the right insurance carriers and subsequent products. Citytwig is a platform that leverages Artificial Intelligence to build out personalized insurance coverage roadmaps for end-users based on their unique story. The platform helps carriers, agencies, agents and end-users identify specific product recommendations for consumers and businesses that would provide adequate coverage throughout their life-cycle. The uniqueness of Citytwig’s insurtech platform stems from the transparency it enables with all the data in one place and its ability to understand data and glean meaningful insights for increasing sales

www.citytwig.com

AppOrchid

AppOrchid

The App Orchid platform uses deep learning and natural language processing with industry specific content delivered through knowledge graphs, to create powerful predictive apps. It blends historical and real-time, structured and unstructured data with user tribal knowledge to deliver innovative enterprise apps, including solutions bucketed into four functional areas: AssetThink, CustomerThink, PeopleThink and DocuThink. App Orchid helps enterprises achieve their digital transformation objectives easily through rapid deployment, low cost implementation and minimum disruption across their organization

Arceo.ai

Arceo.ai

Resilience Cyber Insurance Solutions was launched with a mission of providing comprehensive solutions to cyber risk for the middle market. Bringing together security, insurance and recovery, they go beyond risk transfer to help clients become cyber resilient. Their roots are in providing forward-looking assessments. The company’s proven analytics, coupled with an insurance, claims and security team that draws from deep experience in U.S. government, military and Forbes 100 companies helps to transform high-quality intelligence into plans that cover clients from risk to recovery

CyberFortress

CyberFortress

CyberFortress is an insurtech startup with the mission to reinvent the way the risk of doing business online is assessed and priced. The company have built a new kind of insurance for ecommerce. Narrowly–focused and parametric in nature, CyberFortress’ simple policy pays out within 24 hours of an unexpected outage providing valuable cash–on–hand to help customers weather the immediate storm

Engagely.ai

Engagely.ai

Engagely is an enterprise-grade conversational AI, capable of automated cognitive decision making to improve customer service and experience, agent productivity, and reduce operational costs. Enabled with no-code platform and NLP, their bots integrate seamlessly into clients' existing systems in a very short time to provide a valuable experience to the business users. The unique features of Engagely are no code platform, omnichannel, secure, scalable, multi-lingual and content store

Gradient AI

Gradient AI

Gradient delivers breakthrough results for claims and underwriting in real time by utilizing a combination of its vast data sets along with client’s proprietary data. Their clients benefit from the highest precision models available in the industry. Gradient sets client’s baseline measurements at the start of their engagement. They track the client’s improved performance over time along with the statistical performance of their models, providing clear visibility to immediate return on investment and the organization’s ongoing improvements with their primary care team

InsurAnalytics.ai

InsurAnalytics.ai

InsurAnalytics.ai aims to provide AI-powered insights to enable adjusters and supervisors to make faster smarter decisions. InsurAnalytics.ai helps P&C insurers achieve highly impactful business outcomes in claims like faster processing, lower loss adjustment expenses, minimized losses, and superior customer experience through data-driven predictive insights. With the power of pre-packaged, cloud-based AI and ML solutions InsurAnalytics.ai brings faster time-to-market and low incubation cost advantages to insurers

KABOODLE

KABOODLE

Kaboodle is an insurance collaborative that delivers innovative products and services to insurers by enabling insuretech startups to merge offerings with established vendors. It removes friction from the contracting, integration, and support processes, allowing insurers and their partners to focus on what they do best. Kaboodle bundles pre-integrated products and services, guided by one project management methodology, and supported by a common team

Planck Resolution

Planck Resolution

Planck's technology platform aggregates and mines massive datasets, using the latest advances in artificial intelligence (AI) to automatically generate and deliver key insights customized to the commercial underwriting process. The end result is a frictionless underwriting process with greater insurer visibility into risk factors, leading to improved new business conversion and retention rates and lower loss ratios. Planck’s platform brings automation and intelligence to the underwriting process – empowering commercial insurers to focus on underwriting that truly requires human expertise

Spraoi

Spraoi

Spraoi is an insurance technology solutions provider with a focus on machine learning. The company works with leading insurers to solve business challenges and optimize outcomes through technology solutions and associated services. Spraoi have developed significant technology IP in the Life and Annuities vertical. They provide technology strategy, management, design, development and deployment capabilities. When combined with the depth of their technology talent and domain expertise, Spraoi can bring demonstrable changes