Skip to main content

Zurich Insurance starts using AI to process personal injury claim

Insurance, medical insurance, AI, Robots in Insurance,  Artificial intelligence, Personal injury claim
Zurich said it recently introduced AI claims handling and saved 40,000 work hours as a result

Zurich Insurance is deploying artificial intelligence in deciding personal injury claims after trials cut the processing time from an hour to just seconds, its chairman said. 
"We recently introduced AI claims handling, and saved 40,000 work hours, while speeding up the claim processing time to five seconds," Tom de Swaan told Reuters.
The insurer had started using machines in March to review paperwork, such as medical reports. 
"We absolutely plan to expand the use of this type of AI (artificial intelligence)," he said. 
Insurers are racing to hone the benefits of technological advancements such as big data and AI as tech-driven startups, like Lemonade, enter the market.
Lemonade promises renters and homeowners insurance in as little as 90 seconds and payment of claims in three minutes with the help of artificial intelligence bots that set up policies and process claims. 
De Swaan said Zurich Insurance, Europe's fifth-biggest insurer, would increasingly use machine learning, or AI, for handling claims. 
"Accuracy has improved. Because it's machine learning, every new claim leads to further development and improvements," the Dutch native said. 
Japanese insurer Fukoku Mutual Life Insurance began implementing AI in January, replacing 34 staff members in a move it said would save 140 million yen ($1.3 million) a year. 
British insurer Aviva is also currently looking at using AI. 
De Swaan said he does not fear competition from tech giants like Google-parent Alphabet or Apple entering the insurance market, although some technology companies have expressed interest in cooperating with Zurich.
"None of the technology companies so far have taken insurance risk on their balance sheet, because they don't want to be regulated," he said. 
"You need the balance sheet to be able to sell insurance and take insurance risk," he added.

Comments

  1. Very nice post here and thanks for it .I always like and such a super contents of these post.Excellent and very cool idea and great content of different kinds of the valuable information's.
    Python Training in Chennai

    ReplyDelete

Post a Comment

Popular posts from this blog

Handy Practical Guide to Machine Learning Algorithms for Beginners

Broadly, there are 3 types of Machine Learning Algorithms.. 1. Supervised LearningHow it works: This algorithm consist of a target / outcome variable (or dependent variable) which is to be predicted from a given set of predictors (independent variables). Using these set of variables, we generate a function that map inputs to desired outputs. The training process continues until the model achieves a desired level of accuracy on the training data. Examples of Supervised Learning: Regression,Decision Tree, Random Forest, KNN, Logistic Regression etc. 2. Unsupervised LearningHow it works:In this algorithm, we do not have any target or outcome variable to predict / estimate.  It is used for clustering population in different groups, which is widely used for segmenting customers in different groups for specific intervention. Examples of Unsupervised Learning: Apriori algorithm, K-means.
3. Reinforcement Learning:How it works:  Using this algorithm, the machine is trained to make specific de…

AI Careers: Skills to Get Artificial Intelligence Jobs

As we can see from the history of artificial intelligence the rate of improvement in this field is just unbelievable. So the job opportunity in artificial intelligence is constantly growing. If you have desired skill sets, you can start your journey in the world of exciting Artificial Intelligence.

Now Artificial Intelligence is playing a crucial part in almost all industries. According to a survey AI market is estimated to grow to $5.05 billion by 2020 at a CAGR of 53.65% percent from 2015 to 2020.
AI is a technology that leads us to a new industrial revolution. Our generation can clearly see the positive impacts of AI in almost all the important fields like Healthcare, Finance, Education, Manufacturing etc.
With the help of AI we are entering into the new world of automation. The future of Artificial Intelligence is giving a confidence to make the world in better place. At the same time, some of the important scientists like Stephen Hawking alarmed about the danger (to Human and for…

A Complete Report On Data Scientist Salary

Executive Summary O’Reilly Data Science Salary Survey, we’ve analyzed input from 983 respondents working in the data space, across a variety of industries— representing 45 countries and 45 US states. Through the results of our 64-question survey, we’ve explored which tools data scientists, analysts, and engineers use, which tasks they engage in, and of course—how much they make. Key findings include: Python and Spark are among the tools that contribute most to salary.Among those who code, the highest earners are the ones who code the most.SQL, Excel, R and Python are the most commonly used tools.Those who attend more meetings, earn more.Women make less than men, for doing the same thing.Country and US state GDP serves as a decent proxy for geographic salary variation (not as a directestimate, but as an additional input for a model).The most salient division between tool and tasks usage is between those who mostly use Excel, SQL, and a small number of closed source tools—and those who …