AI in Insurance Sector

8.45 am to 12.30 pm CT,
27 August 2021

AI will pave the way for considerable

reduction in process times in insurance

Customers will not have to deal with

not have to deal with tedious paperwork and phone calls.

AI algorithms are

more adept at fraud detection than human agents.

Claims processing

will be simplified thanks to AI.

Processes that took days

can be wrapped up in hours owing to AI/ML technologies.

AI- and ML-driven customer service are

poised to create a paradigm shift

AI is set to be the game changer in the insurance industry

The industry is poised for a paradigm shift as AI is set to drive all facets of the insurance process

Learn how AI is revolutionizing insurance

AI facilitates reduction in processing times and increase in quality

Automation enhances efficiencies in claims processing and administration.

Predictive consulting provides better 24x7x365 client support.

Underwriting, claims, and broking are experiencing an AI-driven paradigm shift

AI-driven fraud detection is much more efficient than tedious, manual work

AI algorithms sift through data furnished by clients to make relevant recommendations for each risk scenario.

Telematics in conjunction with AI is revolutionizing insurance.

Amazing Partners & Sponsors

Agenda

27 August 2021 (8.45 am to 12.30 pm CT)
08:45 am
Aganda 1

Introduction of Speakers

-by Nitin Naveen, Vice president-Innovation Strategy, AICorespot

 

09:00 am
Aganda 2

AI in P&C Insurance rating and underwriting

-by Somil Jain, Vice President and Consulting Actuary, Lewis & Ellis​

+
There is a lot of buzz in property/casualty insurance around the use of Data Science (DS), Machine Learning (ML) and Artificial Intelligence (AI).  There are numerous InsurTechs that are advertising the use of these advanced statistical techniques as what separates them from the old-school carriers.  Many well-established traditional carriers are joining the movement too.  There is another movement that is working towards more transparency in insurance pricing.  The use of key variables is being questioned by regulators as well as watchdog groups.  But do insurance providers or the people trying to police them truly understand what DS, ML and AI mean?  What are they used for and what do these algorithms do?  It is getting increasingly harder to separate what’s real and what is just hype.  In this discussion, Somil will share his perspective on the need for AI/ML/DS in P&C Insurance, the current state of the market and what the future holds for our industry. 

 

09:20 am
Aganda 3

Case study of the application of AI to change the flood insurance industry. 

by Jim Albert, Chairman and Co-Founder Neptune Flood​

+
In this session, Jim Albert, co-founder and Chairman of insurtech Neptune Flood, shares the key decisions and innovations that transformed an insurance quoting process that took over 1-hour to under two minutes – with better underwriting results.  Neptune, an AI-driven flood insurer, has a 331% CAGR over the past 4 years, and is now the largest private residential flood insurer in the US.  Hear about the industry-leading outcomes created by the application of AI, how to stay ahead with ongoing innovation, and where the next wave of AI advances will be occurring. 

 

09:40 am
Aganda 3

AI Is What Will Fix Healthcare. Are We Ready? Are We Ever?. 

by Leslie Slay, Sr. Vice President, Partner – Employee Benefits, Woodruff Sawyer​

+
  • Problem 
    • Healthcare is sick – Not new news 
      • Disparate systems
      • Un-interested participants
      • Out of date treatment methods/patterns
      • Affordability – cost of care 
    • Pace of Play
      • Faster than ever before
      • Doctors/medical groups can’t keep up
      • Technology outpacing delivery
    • Lack of Information Sharing 
      • Electronic Medical Record – not
      • Current laws 
      • Physician God complex 
  • When Will Healthcare system treat people like consumers?  AI is everywhere! 
    • Cable companies 
      • Netflix can tell me the next 5 shows before I’m 10 minutes into my new one. 
    • Grocery Stores
      • My total spend is tracked and I get coupons for products that others are trying to get me to spend 
    • Credit Card Companies 
      • No interest – debt consolidation – travel – dining
      • Using my preferences to create an affinity
    • In all areas of our life as consumers, AI is being used to create a better and more tailored experience – not in healthcare in areas it needs to be – patient management and care.
  • AI is in health care – mostly behind the scenes 
    • Watson – IBM engine to look at data and formulate treatment patterns based on claims – machine based learning on a volume of data that no one healthcare system could ever see.
    • Health Payor Systems – will use browsing categories to push content of specific interest to member. 
    • Robot assisted surgery, imaging, Rx development, care patterns…..so excited. 
    • My Apple watch!
  • Industry has forgotten the consumer/ AKA Patient along the way 
    • EMR went by the wayside.  Why? 
      • Not aligned with fee for service billing.  Of course everyone needs 5 MRI’s – each doctor wants their “own” test or image. 
      • This problem needs to be solved.  Data needs to be accessible.
    • Physicians do not treat patients like consumers.  Consumers have not viewed doctors and medical professionals in the same way they do other people we all interact with.  Developed an apathy in asking questions and demanding results. 
    • Where is there another industry in the US where the consumer is not part of some calculation as to the price vs demand? 
  • We Must Bring Costs Down 
    • Using AI more effectively and across populations must bring the overall cost of healthcare down.  Tough for “for-profit” to hear that.   
    • Cost for health insurance for a family of four with income of $50k and employer sponsored health insurance is $7450.  15% of their income.   
    • Out of pocket costs have tripled in tha last 5 years 
    • Healthcare spending with be 8% of GDP by 2040 and projected to be over 13% by 2090
  • Technology has revolutionized every other industry – it must healthcare – how 
    • More allowance and use of genetic testing.  
    • Medical groups owning the responsibility of patient mgmt and experience – not the doctors or front office staff.  
    • Medical groups retiring out physicians that don’t want to use fact based learning and education to improve processes and procedures
    • Adoption of EMR to prevent testing zealots
    • Applications for business to continue to help educate their employees on healthcare
    • Turn the patient into a consumer – not a lab mouse
    • Transparency in pricing. 

 

 

10:00 am
Aganda 6

Real-world AI Applications in Life Insurance. 

by Ben Lu, AVP, AI and Data Science, Penn Mutual​​

+
  • What we are able to achieve in less than 2 years with limited data from a medium-sized carrier: 
    • Fully Autonomous AI underwriting (98.1% accuracy, 40% case acceptance ratio) 
    • Prescription History Mortality Score AI model    
    • Instant Attending Physician Statement AI Summarization (ICD10, BMI, Smoker  
    • Why choose to build over IBM and Cognizant Solutions 
    • Informal Inquiry AI Rating Quotes using ICD10 information from APS Summary 

 

10:20 am
Aganda 8

Break​

​​​

 

10:30 am
Aganda 7

What will be the future of AI for Insurance Sector

Panel Discussion​
– Robert Eaton, Principal & Consulting Actuary, Milliman (Moderator)
– Misha Bleymaier-Farrish, Founder, Etymology Consulting
– Harikrishnan Pillai, AVP, Data Analytics & Insights, Business Delivery, Connect Advice, Sun Life
– Mihaela Capra, AVP, Digital Innovation, Sun Life
– Alexander Bykovsky, Director, The Doctors Company.
– Peter Nadel, Manager, Corporate Insurance, FirstEnergy

 

11:30 am
Aganda 6

Automotive Industry and Artificial Intelligence. 

by Atul Vohra, Chief Marketing Officer, Solera ​​

+
During this brief discussion on the future of AI in the automotive collision industry, Atul will be talking about how innovative the collision industry has become over the last few years using technology, the impacts that covid-19 has had the mindset of consumers, insurers, and bodyshop businesses, and most importantly where artificial intelligence is taking the collision industry today and into the future.

 

11:50 am
Aganda 3

Lighting Talk 

by Katherine Minami, Vice President, NFP ​

 

12:10 pm
Aganda 3

AI in automotive & mobility insurance – a global reinsurer’s perspective and applications

by Dietrich Och, Senior Technology & Business Leader, Swiss Re​

+
  • What AI enables for a globally leading reinsurer to stay ahead of the curve on risk insights and thought leadership in a rapidly evolving world, using examples from the Motor & mobility domain…
    • Exploring the dimensions and factors of mobility risk insights, and the shift from “static-linear-lengthy” to “dynamic-real time-immediacy”; risk transfer vs. value-chain-enabling solutions
    • Assessing vehicle repair implications (cost, effort, viability) – AI vs. Human Intelligence, optimizing the abstraction for the model input
    • Normalizing and anomaly-checking of human contribution to incident/claim notifications: AI in Visual Intelligence and model stacking
    • Objective risk inputs in real-time and the proliferation of connected vehicles data accessibility: Applying AI on vehicle signals, telemetry and contextual sources to infer usage, behaviour, performance, and incident/damage features
    • Assessing risk of automated driving by AI-enabled vehicles: Predicting and understanding the behaviour of AI as input to risk assessment and liability assignment
    • Digital Incident reconstruction and indemnity intelligence: Applying AI to determine and stipulate digital evidence on liability.