September 19, 2018 will go down in InsurTech history books as a new record for InsurTech Hartford. There were 3 and 9 startups, packing in so much information it could have been a day-long event. With nearly 100 people in attendance, Upward Hartford was booming with energy and excitement.
The night began with Daniel Mayer, Chief Marketing Officer for Expert System. Daniel spoke to the audience about Three Concrete Applications of AI in Insurance. Here were 3 great use cases for AI:
Claims automation helped one insurer improve injury claims efficiency through cognitive automation, saving 39,000 hours per year
Leveraging Natural Language Processing allows for smart underwriting by processing large volumes of unstructured data in the form of documents, emails, etc, and summarizes the information to free up time for underwriters and risk engineers
Responsive customer interaction through chatbot enables better customer self-service and social customer service, resulting in an improved customer experience and a reduction in FTE effort
The future of insurance was taking on new angles from Alex Chubay, Chief Technology officer of softserve. Alex spoke about how we are now in the Age of Customer, where on-demand, self-service, and customer needs rule. Alex also spoke about the opportunities that exist for insurers in smart cities - it is amazing what people are doing with technology. The opportunity exists now to drive risk down to historic lows through the use of smart technologies. This is the time for insurers to get into the game of prevention.
David Bryan from Google also spoke about Machine Learning for Insurance. Google is a leader in AI and ML technologies, and David showed us why. His talk was educational. David explained the differences between AI & ML and went into the details of symbolic and vector computational models. A bit techno-geeky for an evening networking event, but great for an InsurTech crowd.
Don't forget the amazing food and beverages!
Pasta, chicken salad, garlic bread, appetizers, and pastries
After a short break, Gwendolyn Hanh took over as MC and introduced us to 9 startups. These entrepreneurs were REALLY good. Thanks to Frank Sentner from ACORD for helping spot several of them. If you wish to see for yourself, watch the videos. We heard from the following companies: