Artificial Intelligence Is the New Face of Insurance
Vancouver, Kelowna, and Delta, British Columbia--(Newsfile Corp. - September 15, 2022) - Investorideas.com, a leading investor news resource covering technology and AI stocks releases a special report covering the growth in AI technology utilization in the insurance industry, featuring FatBrain AI (LZG International Inc.) (OTC Pink: LZGI). AI technology utilization in insurance has been spurred partly by the changing work landscape caused by COVID-19 and businesses now adopting some form of remote work options as well as the general adoption of technology in the workplace and at home and how big data collection can work with AI to allow for more effective and customized insurance solutions.
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A recent article from Mkinsey.com titled "Insurance 2030-The impact of AI on the future of insurance" discussed how AI technology is currently impacting the insurance landscape as "AI's underlying technologies are already being deployed in our businesses, homes, and vehicles, as well as on our person. The disruption from COVID-19 changed the timelines for the adoption of AI by significantly accelerating digitization for insurers. Virtually overnight, organizations had to adjust to accommodate remote workforces, expand their digital capabilities to support distribution, and upgrade their online channels. While most organizations likely didn't invest heavily in AI during the pandemic, the increased emphasis on digital technologies and a greater willingness to embrace change will put them in a better position to incorporate AI into their operations."
"AI and its related technologies will have a seismic impact on all aspects of the insurance industry, from distribution to underwriting and pricing to claims. Advanced technologies and data are already affecting distribution and underwriting, with policies being priced, purchased, and bound in near real time. An in-depth examination at what insurance may look like in 2030 highlights dramatic changes across the insurance value chain," the article continued.
FatBrain AI (LZG International Inc.) (OTC Pink: LZGI), a pioneer in powerful and easy-to-use artificial intelligence (AI) solutions for start-up and mid-market businesses (SMEs), recently acquired Intellagents, an innovative and trusted insurtech provider. The FatBrain and Intellagents combination empowers businesses, brokers and insurers to leverage Peer Intelligence technologies to optimize transactions, score risk, enhance productivity and simplify actionable insights for everyone across the insurance supply chain creating never-seen-before opportunities for growth.
"We are excited to welcome Intellagents into the FatBrain family," said Peter B. Ritz, co-founder and CEO of FatBrain. "Intellagents features powerful automation to advance dynamic peer intelligence networks, leveling the technology playing field currently only used by large industry leaders. We're setting a new standard for peer optimization in the insurance industry, and our innovations will unlock more value for many more businesses across the board."
Intellagents unifies an insurance-specific integration and API management platform with connectors to more than 80 insurance capabilities that can be quickly orchestrated into unique solutions. It enables insurers and brokers to rapidly realize improvements and efficiencies across multiple domains, including: client engagement; channel optimization; risk selection, pricing, and fraud mitigation; product speed to market; and "Book of Business'' acquisitions.
"We created a comprehensive ecosystem to harness the power of data and AI featuring a simple user experience - enabling our customers to rapidly innovate and grow," said Mark Stender, President and co-founder, Intellagents. "No single insurer, broker or software company can solve the challenges of the insurance industry alone. The industry-wide growth potential lies in a multi-faceted network of ecosystem members, all securely sharing dynamic learnings to continuously improve performance. The latest advances in AI accelerate the possibilities."
Intellagents is SOX, GDPR and HIPPA compliant and capable of passing any compliance exam from insurers.
"We've seen peer data turbo-charge the market in life insurance and annuities," said Shawn R. Carey, chief operating officer at FatBrain and co-founder, CTO-emeritus at iPipeline, a Roper Technologies, Inc. company. "Contributory peer insights powered by AI promise to accelerate growth beyond what we realized at iPipeline. With Intellagents ecosystem, team and technology we're starting on 3rd base."
"Our mission at FatBrain is to equip entrepreneurs and mid-market businesses with simple to use tools that will help them reclaim time, save money and boost their bottom lines," said Rajarshi Das, chief scientific officer at FatBrain. "Intellagents and FatBrain are united in this mission and eager to support the global community of business, brokers and insurers."
More companies are beginning to eye up the potential for AI in insurance like Delwinds Insurance Acquisition Corporation, a publicly traded special purpose acquisition company, and FOXO Technologies, Inc. ("FOXO"), a technology company applying epigenetic science and AI to modernize the life insurance industry, who recently announced that DWIN's registration statement on Form S-4, relating to the previously announced proposed business combination between DWIN and FOXO, was declared effective by the US Securities and Exchange Commission on August 26, 2022.
FOXO is a technology company aiming to make longevity science fundamental to life insurance. By applying epigenetic science and AI to commercialize saliva-based biomarkers, FOXO plans to simplify the consumer underwriting journey and enhance the consumer value proposition. FOXO's platform will modernize the life industry with saliva-based underwriting technology and consumer engagement services.
Upon completion of the Business Combination, DWIN estimates that enterprise value will be approximately $297mm of the combined company and the common stock will trade on the NYSE American Stock Exchange (or another permitted exchange) under the symbol "FOXO". At the closing of the Business Combination, all remaining DWIN units will separate into their components consisting of one share of DWIN common stock and one-half of one warrant and, as a result, will no longer trade together as a separate security.
In recent news it was announced that Intel Corporation plans to launch several initiatives such as 'AI for future workforce' and 'AI for current workforce' by the end of this year with an aim to build skill-ready workforce, Shweta Khurana, senior director - Asia Pacific and Japan (APJ), government partnerships and initiatives, global government affairs, Intel told FE Education Online. "AI for future workforce will cater to 18 years and above and AI for current workforce is for professionals with primary focus on women driven small and medium enterprises (SMEs)," Khurana said.
As per the company, the curriculum designed for AI for future workforce is technical; however; students do not require any prior domain knowledge. Furthermore, projects under the programme are focused on industrial impacts such as common trade application, predictive maintenance, viral post protection, insurance fraud protection among others. "Through virtual training in a real-world environment for three months learners will be exposed to the challenges, and how to build solutions for the same," Khurana added.
In other recent news, companies like Lemonade Inc. "managed to have a pretty good month, as it was up 17.3% in August, according to S&P Global Market Intelligence. The insurer, which uses artificial intelligence to draft policies and handle claims, far outpaced the major indexes as the S&P 500 was down 4.2% in August, while the Dow Jones Industrial Average was off 4.1%, and the Nasdaq Composite dropped 4.6%. Lemonade is still down 47% year to date as of Sept. 2, trading at around $22 per share."
One of the primary catalysts for Lemonade's surge was a strong second-quarter earnings report, released Aug. 8. Lemonade beat earnings and revenue expectations, with a net loss of $67.9 million, or -$1.10 per share, which was better than the consensus estimate of -$1.36 per share. Revenue was up 77% year over year to $50 million, while gross profit was up 15% year over year to $11.3 million.
As we continue to see technology and large scale data collection seep into every aspect of human life, we can expect AI and machine learning technology to play a bigger role in managing these systems, specifically in the insurance industry. We will ultimately see not only insurance coverage and accessibility be impacted by AI, but also insurance fraud and protection as well. This all goes without looking at more impactful events such as COVID-19 or the recent ramping up of climate change action from governments which will only accelerate the inevitable adoption of AI. It seems the new face of insurance from big corporations or individual carriers will be the face of artificial intelligence.
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