Tag Archives: Buyonic

AI in insurance

Insurance is a complex profession. Could AI replace insurance brokers?  Could a robot do a job better than you? Actuarial models are used for an in-depth analysis of the potential client.

Lapetus, a US-based start-up believes that a selfie can replace that assessment. A potential client sends a good portrait of themselves to Lapetus. Computers then do the rest. The face is analysed in different aspects.  The life expectancy is determined by the computer. Factors such as gender, body mass index and the rate at which the person is ageing are calculated. This process only takes a few minutes.

Warren Buffett of Berkshire Hathaway has warned about the risk of disruption to insurance from AI.

UK insurer Aviva is using AI to do repetitive tasks which were performed by humans. They say that Algorithms are 15 times more productive than humans. Furthermore, insurers say that AI can improve claims processes as well as detect fraud.

Crop insurance is also changing.  Drone technology enables insurers to map terrain in 3D and check plant health from the air.

Zurich Insurance is using robots to decide personal injury claims. The processing time has been cut from an hour to seconds. Accuracy has improved. Because of its machine learning, every new claim leads to further development and improvements.

Siber is a bald, blue-eyed principal of the Buyonic Insurance Agency in Austin, Texas. This insurance android can rate, bind and issue policies on the spot while answering the phone and making robocalls. He speaks every language known to humans and machines. He is able to work 24/7.

Angie Smith, owners of the agency says that Siber never makes a mistake, does not call in sick, does not take a long lunch. She can also take him home after work to do the laundry.