London, 18 June 2019 – P&C insurance carriers can no longer rely on outdated rating systems using bits and pieces of data and expect to compete in today’s insurance market, as vendors and carriers are starting to explore opportunities to increase efficiency and process data with artificial intelligence and machine learning. Applications for these technologies abound throughout the insurance value chain, but the impact on the underwriting process has the potential to change the risk dynamics for carriers.
This report will help executives from P&C insurance carriers evaluate the major AI trends affecting the underwriting process and profiles 14 vendors: Accenture, Betterview, Chisel.ai, EIS Group, Groundspeed Analytics, HyperScience, iMerit, Intellect SEEC, Planck, SAS Institute, Tessella, Tiger Analytics, Verisk, and Zesty.ai. It is based on 43 interviews conducted with AI and ML experts, C-level executives, innovation directors, and thought leaders at insurers, reinsurers, technology vendors, and consulting firms across North America, Europe, and the Asia-Pacific between February 2019 and May 2019.
This 51-page Impact Report contains four figures and 18 tables. Clients of Aite Group’s P&C Insurance service can download this report, the corresponding charts, and the Executive Impact Deck.
This report mentions AMI Insurance, Argo Insurance, Avinew, Conifer Insurance, CSAA Insurance Group, Industrial Alliance Auto and Home Insurance Inc., Lemonade, Narragansett Bay Insurance Company, Sompo Japan Nipponkoa, and StarStone Insurance.