PriyaPatel
TLDR: InsurTech is Assured
Key Points:
- InsurTech organizations are facing challenges due to policy pricing inaccuracies and the rise in loss ratios.
- Companies like Inshur are using AI and machine learning as augmented assistants in the insurance industry.
Key Elements of the Article
Tech advancements in the insurance industry are leading to a rise in InsurTech organizations, but challenges like policy pricing inaccuracies and loss ratios are causing issues. Chris Gray, the CTO of Inshur, notes that many InsurTech companies have focused on growth and automation without understanding the core principles of insurance. Inshur, on the other hand, is focusing on embedding insurance products into platforms used by on-demand drivers in cities.
The shift to on-demand services is highlighted as the future, with the global on-demand economy expected to surpass $335 billion USD by 2025. In the insurance industry, the importance of managing data such as location, weather, vehicle type, driver history, and more is crucial for fair policy pricing. Inshur uses AI as an augmented assistant to enhance the work of claims handlers, ensuring that decisions are made with human oversight.
By utilizing AI for tasks like ID verification, fraud detection, and claim handling, Inshur aims to provide a seamless experience for drivers while complying with local insurance regulations. The company emphasizes the importance of combining technology with human expertise to ensure fair and unbiased decision-making processes. InsurTech is set to play a significant role in the future of insurance, supporting the shift towards on-demand services.
