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Innovation in the insurance industry

Innovation in the insurance industry

TDB recently advised one of Australasia’s leading health insurers, nib, on product development opportunities in New Zealand. While our report is confidential, the potential impact of digitalisation on an industry that many regard as sleepy and untrustworthy is huge. For example, instead of using underwriters, a start-up insurer in New York called Lemonade uses algorithms; instead of brokers and salespeople it uses chatbots; and instead of humans it uses artificial intelligence and machine-learning to handle claims. Last year a customer claimed for a stolen coat. According to the Economist, “within three seconds “A.I. Jim”, the firm’s claims bot, reviewed the claim, cross-checked it with the policy, ran 18 anti-fraud algorithms, approved it, sent payment instructions to the bank and informed the customer.”

For more on Lemonade see:

https://www.theguardian.com/sustainable-business/2017/jan/28/insurance-company-lemonde-claims

Featured in the TDB Digest Apr 17

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2020-09-15T22:20:34+00:00September 15th, 2020|Uncategorised|Comments Off on Innovation in the insurance industry
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