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June 17, 2021

Artificial Intelligence

Using AI for claims processing will accomplish more than just fraud detection

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What: Many companies are already using AI to help with fraud detection, but there’s more value to be had in using AI to create a better claims experience and accelerate the claims process. 

Quote: “‘At the most basic level, the claims process can be automated to reduce the amount of manual labor,’ [Itay Bengad, CEO and co-founder of MDgo] says. ‘At higher levels of A.I., it is possible to introduce new data sources to the claims process, making it faster or more predictable, efficient, personalized.’”

Why it matters: Customer experience is everything in claims, and using AI to speed up and make the process easier for the customer will lead to improvements in overall customer satisfaction.

Read: Beneath the Surface: Why Insurers Should Look Beyond “the Tip of the AI Iceberg”

Blockchain & Insurance

Startup launches a decentralized, blockchain-based insurance platform and product

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What: Based on smart contracts and built on Ethereum, startup company Etherisc has launched flight insurance and a platform that enables the creation of other decentralized coverages. 

Why it matters: Blockchain-based platforms are an emerging source of capital for insurance. Currently, these programs are focused on non-admitted business, but as the technology and appetite intelligence mature, we expect this type of decentralized finance to impact traditional coverages.

Read: Why You Should Be Paying Attention to Ethereum

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