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Digital Transformation Insights – 3 Major Insurtech Trends Reshaping the Insurance Industry

One of the oldest industries in the world, the insurance industry is also one of the largest with just over $5 trillion in premiums held globally.

The report also found that the biggest challenge established insurance companies face from disruption are margin pressures and loss of market share to insurtech startups.

Established insurance companies, while protected by massive balance sheets and legacy customers, are right to be concerned about the dual threat and opportunity posed by disruptive technologies in the insuretech space.

As AI is today considered an imperative that every business must undertake to maintain relevance, partnerships with leading Silicon Valley insurtech startups like Carpe Data remains a valuable means to bridging this widening chasm.

As the sharing economy explodes, more people are choosing not to own expensive assets and instead rent them, creating a situation where a person renting an item does not want to buy comprehensive long-term insurance for it.

Trov solves this challenge through an app that lets the user buy, cancel, switch on and switch off policies at any time, easily eliminating complex and lengthy processes that traditional policies would require.

Current risk assessment models utilize historical data to predict the amount of risk a certain policy carries, resulting in risk prediction inefficiencies that cost the firm dearly in the form of claims.

Another example of how IoT will influence insurance is the rising use of wearables by health insurance companies to track customer vitals and offer rebates for healthy habits while penalizing unhealthy habits.

Doing this effectively will require insurance companies to constantly monitor emerging innovations in the industry and determine what best way to integrate these advances, whether through in-house development or acquiring or partnering with Silicon Valley insurtech startups.

To find out more about how you can visit Silicon Valley and experience, first hand, the groundbreaking insurtech innovations emerging in the area, click here or call us on +1(650) 274 -0214 to speak to an SVIC innovation tour specialist.

7 surprising companies where you can work on cutting-edge AI technology

Consider yourself lucky if you happen to be studying machine learning, data science, business intelligence, or any other field that relates to AI.

“These technologies are being used for popular services like customer service chatbots at Bank of America, easy-to-search images on Facebook, and even automated fashion suggestions for apparel shoppers on Amazon.” An increasing number of industries and domains are waiting to be disrupted and enhanced by machine learning and deep learning.

In addition to many fintech startups that work on specific AI solutions, we’re seeing several large financial institutions and banks gradually transform into tech companies in their own right, acquiring startups and AI talent to develop their own solutions and maintain their competitive edge in a fast-changing market.

“Looking five to 10 years out, the pace of technological innovation will only quicken as artificial intelligence, robotics, machine learning, distributed ledgers and big data will all shape our future,” Co-President and Co-Chief Operating Officer Daniel Pinto said in a letter to shareholders in April.

From making healthcare services available to more people to diagnosing and treating diseases faster and with more precision, health institutions are leading various projects to employ AI in medicine and healthcare.

At Philips, a long-standing tech company and a global leader in health technology, you’ll be able to work on AI solutions that will reshape the entire health care cycle, from assisting health care providers to achieve better outcomes to helping consumers manage their own health and adopt healthier lifestyles.

Philips’ focus is on combining AI and other technologies to understand and constantly adapt to the changing healthcare needs, a concept it calls “adaptive intelligence.” The company follows the vision that AI doesn’t replace healthcare professionals but augments their abilities and that enables 24/7 healthcare whenever, wherever needed.

In an interview with the Journal of mHealth, Jeroen Tas, Chief Innovation and Strategy Officer at Philips said, “Supporting clinicians by streaming data, interpreting data, providing effective visualisations, detecting deviations from normal, providing early warnings — these are all areas where we can use AI to focus on supporting the clinicians to make the right decision at the right time.” Philips is especially well-positioned to achieve this goal because it has a long history of developing hardware and software solutions for consumers, patients, clinicians and health institutions.

Some examples include HealthSuite Insights, Philips’ platform for data scientists, which enables them to create and access quality health data sources and create analytical models for different purposes such as diagnosis and treatment.

IntelliSpace Console gathers real-time information from connected health devices in the complex ICU setting and combines them with data obtained from hospital information systems and health records to help clinicians with predictive insights of the patient’s health and support them with timely and effective treatment decisions.

Panasonic is working on several interesting computer vision projects for special purposes, such as better pedestrian detection for autonomous vehicles and automatic inspection of damsthrough highly detailed image analysis.

Millions of people use Siri, Alexa, Cortana, Google and AI-powered assistants to find answers to questions, set up alarms, play music, read emails, do shopping, turn on the lights and air conditioners, or lock and unlock doors.

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