In our last two blogs, we explored the potential practical applications for Machine Learning in insurance, looking at its use cases in distribution, underwriting and claims. We noted that AI platform revenues within insurance would grow by 23% to $3.4 billion between 2019 and 2024. There are fears regarding the ethics of using AI in […]
Greg Firestone, Vice President of Data Science at Allstate Insurance, explained in a recent interview why his company began leveraging anti-fraud technologies to mitigate fraudulent claims. “It’s very hard to measure sometimes, but it’s happening,” Firestone said. “The best prevention is really being aggressive: using AI and data to find fraud. Data is your friend in this […]
DOCOsoft is part of a new breed of “Insurtech” companies that are transforming the world of insurance as we know it through the introduction of Big Data, Machine Learning, and AI capabilities. In a recent Harvard Business Review article, Legacy Companies Need to Become More Data Driven — Fast, the authors observed, “In contrast to traditional […]
In 2026, according to Statista, the global analytics as a service (AaaS) market value is estimated to reach approximately 101 billion U.S. dollars. AaaS refers to the provision of business operations and analytics software via the internet. As customers only pay for the service as long as they use it, this service model is expected to become more commonly used in the […]
The global regulatory technology market is projected to grow an annual rate of nearly 20 per cent. The rising demand for risk management, regulatory intelligence solutions, and transaction and monitoring solution among others is a key factor contributing towards the growth of the global regulatory technology market. Apart from this, the additional costs of managing […]
Technology has always played its part when it comes to the art of defence. When countries go to war, it’s the one with the best technology who’s most likely to win. That’s always been the case, whether talking about weapons used hundreds of years ago or technology used in more recent conflicts. Digital camera technology, for […]
Trust is an important word in insurance and never more so when it comes to its ultimate purpose from a policyholder’s point of view – paying claims. Customers expect complete transparency as a minimum requirement and if they don’t get that there is a strong possibility that a regulator or industry ombudsman will act on […]
(Not so) simple human ingenuity and our restless desire to explore new frontiers – whether across new geographies or within the boundaries of the mind – always raise the question: “should we be doing this?” Should we be sending radio messages into outer space that could be picked up by potentially hostile alien aggressors (or […]
“The development of full artificial intelligence could spell the end of the human race….It would take off on its own, and re-design itself at an ever increasing rate. Humans, who are limited by slow biological evolution, couldn’t compete, and would be superseded.”— Stephen Hawking told the BBC. The two big topics in machine learning/AI at […]
The market response to Lloyd’s Blueprint Two took up a lot of airtime at the recent virtual London Market Forum. Opening the debate on the Blueprint, one of the panelists commented: “Technology leadership must be embedded throughout your business but equally we have to break down those silos, which often means that technology solely belongs […]