LEMONADE
AI AUTHENTICITY
“ Advanced analytics could further help companies assess historical weather records , insured property data , and assumptions regarding future climate conditions ”
— Deloitte
able to tailor policies to individual consumers .
Financial models that were once dependent upon statistical sampling of past performance to forecast future outcomes can now sample datasets in real time to adjust rates on a caseby-case basis .
This , combined with more and more powerful chatbots and customer-facing applications are supporting the rise of a new generation of AI-powered insurtechs .
LEMONADE
Disrupting the homeowners and renters insurance market , Lemonade is the most highly-funded insurtech to date , having raised $ 480mn since its founding in 2015 . Lemonade uses AI to power its entirely in-application service , which can automatically assess , evaluate and pay out a claim in a few seconds . A customer can undergo the entire claims process while chatting exclusively to the company ’ s customer service AI-powered chatbot , Jim .
AI AUTHENTICITY
Artificial intelligence is a tool that isn ’ t always on the side of the insurer . The ability for the technology to alter and adjust images and video in order to distort the truth has some insurers worried . To combat this , AI-driven insurtech startup Attestiv is looking to tackle the growing impact of deepfake videos , tampered photos and manipulated audio on insurance claims . By using distributed ledgers and proprietary deep learning models , Attestiv is selling its services to the insurance industry . Its offering validates the authenticity of photos and videos from the point of capture to the present . The service could go a long way towards accelerating genuine claims and dismissing fraudulent ones .
61 www . fintechmagazine . com