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Transforming Insurance in the AI landscape

By Vineet Bansal, CIO/CISO, iptiQ SwissRe

Vineet Bansal, CIO/CISO, iptiQ SwissRe

In today's environment, being able to mindfully evolve with new technologies is critical to a sustainable business model. As new tech surfaces, it becomes a routine part of our day-to-day interactions, but it also affects how we run our business. Consumers grow to expect early—if not immediate— adoption from the people and companies they engage with, and we must act with awareness, agility and intention to thrive.

"This is the moment when Artificial Intelligence will surpass the ability of the human brain to analyze hundreds of data points to make rational decisions, instantaneously"

At iptiQ, part of our mission is to delight our customers by creating a seamless experience for our partners and their clients alike. One of the ways we do this is by providing an easy way to do business with us through our modular, cloud-based platform; it allows us to integrate new systems and best-in-class technology into our advanced tech universe that can be configured to meet the needs of individual partners. In fact, our foundation in modern technology is not only differentiating iptiQ's approach to on-boarding new partners, its building long-term relationships; it's maximizing our ability and efficiency; and it's defining our unique place in today's rapidly growing insurtech industry.

As we continue to evolve our platform, artificial intelligence (AI) and intelligent automation have been real game-changers in our thought process. While insurance AI is rooted in machine learning through virtual assistants and chatbots, intelligent automation promotes human and digital growth together; in this way, people learn to work alongside machines, which we are finding improves productivity through the larger volume of data we can analyze. It's a complementary relationship, and a win-win, as we collaboratively advance artificial intelligence with the real intellect and knowledge of our people.

Currently, the AI in our business is embedded in the intelligent decisions we're able to make through our sophisticated underwriting decision process. Machines have helped us accelerate and even outdate a large portion of the underwriting process by harnessing real-time data to make real-time decisions and delight our customers. We've implemented a few solutions to date that have undoubtedly made our environment richer. Here are a few others that we have been testing and continue to enhance to execute our value proposition:

• Facial recognition: Leverage facial recognition tools through mobile technology to accelerate the quote process for online customer journeys. For example, by taking a selfie, we tested streamlining quote results. Although the machine needed more learning on the general population, the learning speed in driving to more accurate data is very promising. For example, Google and its health-tech subsidiary,discovered eye scans as a new way to assess a person's risk of heart disease using machine learning.

• Distributor oversight: Use machine learning and training bots to accurately translate voice transcripts into text and do pattern matching to enhance the operational efficiency, compliance oversight and capacity of call centers.

• Production scaling and monitoring: Our ability to monitor every aspect of our vast digital landscape; we use metadata combined with our rich business events to help us dynamically scale, adding an extra layer of value above the cloud.

As a consumer, I look forward to the day when insurance buying is not a process but an event. Take it a step forward, an event that is auto-executed just in time with AI algorithm-making decisions based on my activities of the day, my risk appetite, my life stage, upcoming weather, my ability to pay, and who knows what else! This is the moment when Artificial Intelligence will surpass the ability of the human brain to analyze hundreds of data points to make rational decisions, instantaneously.

At iptiQ, technology, such as AI and intelligent automation, have played, and will continue to play, a pivotal role in the way we do business, what we offer, and how we build meaningful customer experiences. But that's what makes it such an exciting time for us. Every day we're learning, through people and machines. Every day we're advancing our technology, through innovation and adaptation. We're not just revolutionizing insurance—we're transforming it. And we partner with insurance companies and insurtech partners to power it forward.

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