Insurable Interest Canadian Insurance Blog

FRISS Accelerator for Claims Analytics for Guidewire Cloud Mason, OH (Nov. 7, 2023) – FRISS, a world leading provider of trust automation solutions for P&C insurers and Guidewire PartnerConnect Solution partner, is pleased to announce the launch of the FRISS Accelerator for Claims Analytics for ClaimCenter Cloud. The accelerator leverages the latest capabilities of the Guidewire Cloud Integration Framework, and is now available in the Guidewire Marketplace to ClaimCenter users on Guidewire Cloud. The insurance industry operates in a world where customer loyalty is awarded to those who can deliver the best experience. Trust is of vital importance. But insurers cannot simply underwrite every policy and pay every claim – at least not right away. They need to do their research, and they need to do it instantaneously. FRISS’s Accelerator for Claims Analytics for ClaimCenter Cloud is built to automate and support this challenge. FRISS’s sophisticated, real-time accelerator uses a wide variety of powerful AI techniques, internal and 3rd-party data, network analytics, and risk and fraud indicators to consistently analyze claims. It promptly flags suspicious claims and allows for trustworthy claims to go on a fast track, all directly within ClaimCenter. The seamlessly integrated accelerator displays fraud and risk screenings...

By Meredith Barnes-Cook, Partner, Resource Pro Consulting — Data-driven decision-making has long been the goal of P&C commercial lines carriers. There has never been a shortage of data within a carrier’s own walls, and decades ago, some sought to create a competitive advantage through the use of predictive models. However, it was a considerable challenge to amass and normalize enough structured data to train a model. The handoffs to run and use a model were manual. And keeping the model current—by retraining it with newer data—ran into the same challenges. Despite these early hurdles, carriers saw the value of using models to evaluate risks and identify the new business submissions in the queue with a higher probability of winning. Risk analysis models eliminated discretion in comparing exposures to target account guidelines. Predictive reserving models avoided being solely reliant on each claims adjuster’s experience to recognize the losses that looked simple at intake but carried all the hallmarks of a complex and costly claim. An Inside Look at Artificial Intelligence in Commercial Lines Carriers Resource Pro Insights’ newly released research, Artificial Intelligence in P&C Commercial Lines: Carrier Plans, Perceptions and Potential for High-Value Use Cases, offers a comprehensive look at AI within...

IBAO is taking steps to become the go-to place for market intelligence data for brokers Toronto, ON (Nov. 2, 2023) – The Insurance Brokers Association of Ontario (IBAO) has published a new data project as part of an effort to become a centralized source of market intelligence data for Ontario brokers. For this new project—completed in partnership with the data firm Environics Analytics—they compiled consumer data from across Ontario and produced consumer reports for 79 geographical areas within the province. These reports contain segmented demographic information, which will allow brokerages to better target their advertising and sales efforts. The reports also contain information on the types of businesses that exist within these same areas, giving brokerages valuable strategic information for their Commercial Lines business growth planning. These reports are available for free to IBAO Members—they can find the password in IBAO’s Member Resource Library in the Consumer Data folder. A free preview of these reports is available here. “We’re always looking for new ways to empower Ontario Brokers,” said IBAO COO Brett Boadway. “More consumer data for brokers will lead to the generation of stronger business outcomes. This supports a major goal of the IBAO, which is to ensure that our members are industry leaders.”...

Start Slideshow Some 18 million military veterans now live in the United States, according to the Veterans Association. A new report from the personal finance website WalletHub finds that many veterans face challenges when reentering civilian life, including the ability to secure jobs, shelter or health care. In October, the 2.9% unemployment rate for veterans was better than the 3.9% rate for the overall population, the report said. However, homelessness remains a major problem, with more than 33,000 unhoused veterans. Some cities offer better conditions for veterans than others. In order to determine the best places for veterans to live, WalletHub compared the 100 most populated U.S. cities based on these characteristics: Employment, including share of military skill-related jobs and veteran employment rate; The local economy, including housing affordability, veteran income growth and educational opportunities; Quality of life, including projected veteran population growth, and family and retiree friendliness; and Health care, including VA health facilities in relation to the area’s veteran population and the quality of VA health facilities Researchers evaluated these issues using 19 relevant metrics and graded each one on a 100-point scale — with a score of 100 representing the most favorable conditions for veterans. They also considered only...

Oldwick, NJ (Nov. 3, 2023) – Viewers can now access the top highlights from AM Best’s “How Generative AI and ChatGPT are Reshaping the Insurance Industry” webinar, sponsored by Xceedance. In this video-based interactive presentation, viewers can learn how these new technologies will drive the customer experience as well as the bottom line for decades to come. The webinar was compiled into the following stand-alone segments: How Generative AI is Used in the Insurance Industry</li style=”margin-bottom: 0.5em;”> Generative AI Differs from Traditional Data Analytics</li style=”margin-bottom: 0.5em;”> Generative AI Can Help Insurers Target Pain Points</li style=”margin-bottom: 0.5em;”> Few Limits to How AI Will Impact the Insurance Industry</li style=”margin-bottom: 0.5em;”> AI Can Help MGAs and Insurers Anticipate Renewal Activity</li style=”margin-bottom: 0.5em;”> Public or Private, Insurers Must Choose Based on Security and Privacy</li style=”margin-bottom: 0.5em;”> Worst-Case Scenarios Could Lead to Over-Regulation of Insurers’ Use of Generative AI</li style=”margin-bottom: 0.5em;”> How Generative AI Will Help MGAs Create Markets and Services</li style=”margin-bottom: 0.5em;”> Generative AI Will Augment Jobs, Not Remove the Human Factor</li style=”margin-bottom: 0.5em;”> Where Generative AI Will Make the Earliest Impacts in Insurance</li style=”margin-bottom: 0.5em;”> Why Generative AI Will Not Replace Insurance Agents</li style=”margin-bottom: 0.5em;”> Panelists include: Arun Balakrishnan, chairman & chief executive...

New functionality advances company’s industry-leading insurance AI Boston, MA (Oct. 31, 2023) – Shift Technology, provider of AI-powered decision optimization solutions for the global insurance industry, is pleased to announce the integration of generative artificial intelligence (AI) functionality across its suite of products. These new capabilities deliver targeted, accurate insights and context to the risk detection and investigation processes, resulting in significant improvements in decision-making speed and accuracy across underwriting and claims. Users of Shift Claims Fraud Detection, Shift Subrogation Detection, Shift Improper Payment Detection, and Shift Underwriting Risk Detection can take immediate advantage of the added benefits provided by generative AI in identifying suspicious behavior across the policy and claims lifecycle as well as uncovering subrogation/recovery opportunities. Generative AI models analyze patterns in large data sets to generate new content, including text, images and other types of media. Large language models (LLMs) are a type of generative AI used to understand and produce text-based content. Shift’s LLMs are further trained by Shift’s proprietary “insurance knowledge layer,” derived from data and context specific to the insurance industry as well as information unique to individual insurers. Incorporating generative AI into existing solutions allows insurers to harness its benefits without requiring significant...