5 insurance use cases for machine learning

Link: https://www.dig-in.com/opinion/5-use-cases-for-machine-learning-in-the-insurance-industry

Excerpt:

4. Fraud detection

Unfortunately, fraud is rampant in the insurance industry. Property and casualty insurance alone loses about $30 billion to fraud every year, and fraud occurs in nearly 10% of all P&C losses. ML can mitigate this issue by identifying potential claim situations early in the process. Flagging early allows insurers to investigate and correctly identify a fraudulent claim. 

5. Claims processing

Claims processing is notoriously arduous and time-consuming. ML technology is a tool to reduce processing costs and time, from the initial claim submission to reviewing coverages. Moreover, ML supports a great customer experience because it allows the insured to check the status of their claim without having to reach out to their broker/adjuster.

Author(s): Lisa Rosenblate

Publication Date: 9 Sept 2022

Publication Site: Digital Insurance

Allstate, John Hancock partner on safe driving for Vitality points

Link: https://www.dig-in.com/news/allstate-and-john-hancock-partner-safe-driving-telematics

Excerpt:

John Hancock and Allstate have announced a partnership to reward John Hancock Vitality members with points for safe driving. The partnership is the first of its kind, and comes in response to an increase in vehicle crash-related injuries. Customers will benefit from understanding how their choices, including driving behavior, impact their overall health, John Hancock believes.

….

The Vitality Program, which combines life insurance with education, incentives and rewards to help members lead healthier, longer lives, will allow members to submit proof of safe driving status in Allstate’s usage-based insurance program through a cashback reward email or by submitting a recent bill to show a safe-driving discount.

Motor vehicle deaths in the U.S. rose 18.4% in the first six months of 2021 over 2020, according to data from the U.S. Department of Transportation’s National Highway Traffic Safety Administration. An estimated 20,160 people died in motor vehicle crashes in the first half of 2021, the largest number of projected fatalities since the same period in 2006. Research into driving behavior from March 2020 through June 2021, shows that speeding and traveling without a seatbelt remain higher than pre-pandemic times, according to findings from NHTSA.

Author(s): Kaitlyn Mattson

Publication Date: 24 January 2022

Publication Site: Digital Insurance

Digital-first life insurance policies see increase in demand, Policygenius

Link:https://www.dig-in.com/news/policygenius-life-insurance-policies-no-medical-exams

Excerpt:

The demand for digital-first life insurance products has grown in the last year, likely related to the COVID-19 pandemic. From October to December 2021, about 56% of applications submitted through Policygenius were for no-medical exam policies compared to January to March 2021, which was only 26%.

Author(s): Kaitlyn Mattson

Publication Date: 4 Feb 2022

Publication Site: Digital Insurance