There’s no denying that Generative AI (GenAI) models, with their probability-based outcomes, are revolutionizing insurance underwriting. But how can underwriters confidently rely on these predictions? Data Quality and Model Training High-quality data is crucial for accurate AI predictions. Properly trained models on relevant datasets provide precise risk assessments, helping underwriters make informed decisions. Validation Metrics […]
If you’ve ever wondered why Electric Vehicle (EV) insurance may cost you more, you might have come across various reasons and some myths 😉 Here, you will see some of the actual reasons: 1. Higher Repair Costs: EVs are just emerging, so repairs require specialized knowledge and equipment. It’s not just about building the vehicle but […]
A bespoke application or an OOTB solution is a constant debate. Trust me, both are good as long as you know the requirements well. A clarity on that adds one more reason for good sleep 😉. Once you decide, the next level of choices you need to make might haunt you. If it’s a bespoke […]
Embedded insurance is a hot topic these days, and that’s a good thing. The concern is when it’s treated as just another coverage plan or as a marketing gimmick to sell old wine in new bottles (both are very costly isn’t it 😂 ) The truth is, customers don’t care what you call it. I’d […]
It becomes tiresome to see InsurTech still focusing on ‘Quote to Buy’ as an innovative use case. This topic is becoming overcooked. There’s no harm in shamelessly adopting what works for others, replicating it, and moving on. There are plenty of other use cases in the ecosystem that merit attention. Indeed, the real value lies […]
Insurance claims are escalating, and while inflation is often cited as the primary cause, it’s not the only factor at play. Underwriting presents considerable challenges, requiring a balance between reliance on empirical data and the ability to predict future events. This is particularly true in property and casualty insurance, where foreseeing the future is exceptionally […]
It becomes tiresome to see InsurTech still focusing on ‘Quote to Buy’ as an innovative use case. This topic is becoming overcooked. There’s no harm in shamelessly adopting what works for others, replicating it, and moving on. There are plenty of other use cases in the ecosystem that merit attention. Indeed, the real value lies […]
Embedded insurance is a hot topic these days, and that’s a good thing. The concern is when it’s treated as just another coverage plan or as a marketing gimmick to sell old wine in new bottles (both are very costly isn’t it 😂 ) The truth is, customers don’t care what you call it. I’d […]
There is a hard debate on AI/ML impact in the Insurance industry. A group of experts argues on the use case of what happened if everything gets automated? The failure rates should substantially come down. An automated car is expected to make very less error than the human-driven cars. When the errors are less then […]