December 30, 2021
Artificial Intelligence
Does AI understand art?
What: PURE insurance is helping its members who collect art discover good investments with the use of a text-based AI tool powered by Wondeur.
Why it matters: AI-based text analysis is getting really good and is improving quickly. At its core, PURE’s application is trying to predict trends and favorable opportunities in the art market. Expanding this type of analysis into tools for underwriters seems like a natural evolution of the technology.
Industry Challenge
What to watch for in 2022
What: The past few years have been great for Insurtechs, with record breaking funding numbers and widespread buzz. Here’s a few things to watch for in 2022:
- AI adoption by industry leaders with an emphasis on touchless claims
- Tech solutions that focus on addressing the impact of climate change on insurance
- Accelerating pressure on established insurers to compete with up and coming insurtechs
Why it matters: We’re expecting 2022 to be the year of touchless policies for small commercial – for both agencies and carriers. This means policies will be sold and serviced without any human action by the insurer. Touchless policies are already in place for some large insurers, but with new tools that help insurers automate the entire lifecycle, we’re about to see a boom for digital insurance products.
Read: Insurtech industry trends to watch in 2022, predictions | Digital Insurance
Understanding Insurance
The ins and outs of workplace violence coverage
What: Workplace Violence Coverage (WPV) is getting more and more attention around the industry. The relationship of WPV to workers compensation is one well-worth understanding. A recent Insurance Journal article dives deep into this question and reviews the court proceedings and legal precedent around these two coverages.
Why it matters: The bottom line is that work comp coverage and WPV coverage have potential coverage overlaps, but WPV works really well as a supplement to work comp.
Read: Beyond the Headlines: Workplace Violence and Workers Compensation Claims
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