Written by Oren Atia
Insurance companies face numerous challenges that can be addressed with the help of advanced AI.
However, in the process of generating AI-powered risk models, it’s often hard to create the accurate correlation between the task on-hand and the AI environment. At Seenity, we believe the best way to do so is by diving a task into smaller action items, which will eventually re-connect to help insurance companies improve their performance.
Such companies, looking to implement a more digital workflow, are set to provide added value to their customers through advanced smart technologies that use organizational data together with external data sources.
And this added value extends even further – sophisticated AI technologies can prevent bad events from happening in the first place! This means that in addition to their traditional role of “standing by their customers” when “bad events” happen, insurance companies can play a new, preventative role.
In order to build these preventative models, there’s a need to utilize internal organizational data together with a strong, real-time connection to external world data – which is produced by the second.
Prevention creates a win-win situation for both the company and customer that is beneficial not only on the business side but also from a marketing perspective. Customers get much more for their money and are saved from experiencing damage, while insurance companies do not have to incur the claims that were prevented with the power of AI.
Here’s an Example of Preventing a Claim Event
Let’s take for example a property damage claim. In order to prevent such a claim, insurance companies need to tap into external world data and learn about changes and major recent events. In addition, they need to accurately analyze the relevant information and create a warning system for potential damages.
Imagine a customer who wants their insurance company to alert them about natural disasters such as earthquakes and weather events that could potentially damage the customer’s assets. In order to do so, the insurance company needs to have the following capacities:
- Continuous connection to meteorological and seismological stations in order to gather relevant information.
- Integration of basic internal organizational parameters such as location and time, which can produce a risk model for assets in specific locations, in real-time
- The ability to create a dynamic risk assessment modeling process that utilizes the gathered external and internal organizational data previously mentioned
- And of course, the ability to maintain an open communication and information channel with customers, to learn first-hand about updates and events
Seenity’s platform specializes in providing the capacities shown in this example. A powerful platform, that understands how to gather data in real time and turn it into added value, using unique AI-powered models.