Topic 1
AI and Innovation Strategy
Across both Underwriting and Claims we are seeing early adoption of AI-based technologies in their associated workflows. The use of satellite and aerial imagery to improve pre-calculated risk scores with additional vulnerability uplift associated with property condition and proximity to natural peril is a good example of AI. The challenge is having access to the most up-to-date imagery with regular re-visits to sufficiently assess the nationwide risk of your property portfolio. Outside the major cities, there are large coverage gaps reverting customers to lower resolution options. Hence, choosing the right imagery strategy will be important to harness the value that AI can bring.
This significant shift towards an AI solution is helping underwriters on a property-by-property basis where existing historic information is either limited and / or incomplete. The larger challenge for the underwriting professionals is how to prove out AI capabilities across the management of the larger portfolio or identify insurance product brands for specific markets (i.e., new greenfield opportunities).
Added to this complexity is how to bring in resilience into the decision-making process as climate change adds a further factor into the risk profile of any portfolio. We have learned that not all properties are built the same and consequently building codes across the world are going to have to adapt to this new phenomenon. We have also learned that risk and peril are now dynamic and can happen in any location. So, building resilience into the insurance process of the future is key, and having city municipalities understand the risk of urban expansion as it relates to insurable communities is going to be equally important.
At UiSee, we help evolve the strategy by understanding the principles, pitfalls, and practices of successful AI adoption across both Insurance workflows. Additionally, we have developed AI strategies for both digital and pricing transformations as more current data becomes available through Open AI platforms.
Whilst early AI adoption is underway, its initial impact is drastically changing the way insurers are doing business. Insurance companies that want to stay competitive need to test the innovation and accept the necessary disruption that comes with AI. We are here to help that trans
