DataCubes Blog

Six Strategies for Insurtech Success

Posted by Torrie Hossfeld on Nov 12, 2019 5:27:08 PM

Being a 10-year veteran of the insurance and financial services industries, I have seen hundreds of companies execute successful digital transformation initiatives, and others fail. After careful observation, I have discovered what characterizes a winner. Here are some of the best practices on how any carrier can help build insurtech success.

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Topics: Insurtech, Commercial Insurance

Intel Spotlights DataCubes’ Insurtech Leadership

Posted by Phil Alampi on Nov 5, 2019 8:00:00 AM

It’s not just insurance industry leaders who have taken notice of DataCubes’ role in modernizing commercial insurance. Computing industry giant Intel® –the company whose processors are “inside” most of the world’s computers and run a majority of real-world artificial intelligence – has also taken note. Allyson Klein, a marketing director at Intel, recently interviewed me for her Chip Chat podcast to learn how DataCubes uses AI techniques such as computer vision and machine learning, along with our unique data lake, to remove friction in the underwriting process.

 

 

Allyson was especially interested in hearing how DataCubes is helping underwriters win business by providing faster quotes based on a more complete and accurate assessment of the customer’s risk profile. I explained how DataCubes’ d3 Underwriting™ platform is able to streamline data gathering and add insurance-specific intelligence, providing our customers with an enriched view of the customer, scored to match the carrier’s risk profile.

We talked about how, in the words of one of our customers, we create super underwriters who can get through more quotes in a given time period and focus their efforts where they can be most effective. This in turn opens up a new world for carriers to drive profitable growth, introducing new products and services that are consistent with their brand and their growth strategy.

We also discussed how AI and Intel processors enable an emerging startup like DataCubes to innovate on a large scale and compete with some of the largest companies out there. ”It’s exciting to see the innovation you’re driving to such a large and important industry that’s been around for hundreds of years,” Allyson said.

Listen to the podcast here, or search for Intel Chip Chat Episode 670 on your favorite podcast app. 

 

 

 

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Topics: Underwriting, Insurtech, Artificial Intelligence

First Principles: The difference between “Prefill” and “Answers”

Posted by Phil Alampi on Aug 15, 2019 12:04:32 PM

We recently changed one of our product names from d3 Prefill™ to d3 Answers™. This was a very deliberate change based on the product’s core function to automate a critical point of decision-making within the commercial underwriting process. Both names leverage our concept of d3: Data. Discovery. Decision.®. So, what is the difference between “Prefill” and “Answers” then? To best explain, I need to go back in time to when I saw my first prefill demo:

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The Midwest: A Haven for Insurtech

Posted by Ioanna Goxhara on Jun 13, 2019 8:52:59 AM

When you talk about insurtech innovation, many think of Silicon Valley as its natural geographic center. After all, Silicon Valley has been home to many great technology innovations dating back to World War II. To this day, it still gets a disproportionate share of VC funding and startup headlines. However, despite all the glory in Silicon Valley, the truth is the Midwest holds key advantages for an insurtech startup that many startups have yet to realize.

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Topics: Inspiration, Insurtech, Commercial Insurance

Potential Pitfalls for Commercial Insurance Underwriters

Posted by Jaclyn Teets on Feb 18, 2019 3:04:10 PM

Underwriters play a crucial role in the success of the insurance industry. However, it often requires a great deal of time, effort, and precision for underwriters to reach the desired results. As a seasoned specialist in the commercial insurance space, I would like to shed light on some of the catches every underwriter should look out for. Additionally, I will explain how technological advancements can augment the underwriting process by minimizing the potential complications which may arise.

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Topics: Business, Underwriting, Insurtech, Technology, Artificial Intelligence, Commercial Insurance, Cyber Insurance, Pitfall

Top 4 Screwups in Insurtech

Posted by Glenn Cannon on Feb 3, 2019 6:38:00 PM

The road to success is often long and turbulent. In my over 20 years of experience delivering technology solutions to the P&C insurance industry, I have seen many recurring mistakes that prevent the full value of a solution from being realized. In this post, I will cover the four most common ones, which can be easily avoided with a healthy dose of self-awareness and caution. 

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Topics: Inspiration, Business, Underwriting, Insurtech, Planning

To Our Customers, Thank You

Posted by Kuldeep Malik on Dec 19, 2018 1:37:32 PM

As we frantically prepare for the holidays—the celebrations, gatherings and, for many, gift giving—it’s easy to forget what they are all about. End of year holidays not only provide much-needed downtime with family and friends, they also provide a time to reflect on the year and to celebrate our achievements.

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Topics: Inspiration, Business, Underwriting, Insurtech

Insights in Insurance: Like Needles in Haystacks

Posted by Jayaram AC Nambiar on Nov 1, 2018 11:52:45 AM

Every day there are 2.5 quintillion bytes of data created. This means that more data has been created in the last 10 years than in all of human history. By 2025, the research group IDC predicts annual data output of 163 zettabytes (that is one trillion gigabytes).

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Topics: Business, Underwriting, Insurtech

Commercial Underwriting Needs Humans and AI

Posted by Kuldeep Malik on Oct 16, 2018 11:09:00 AM

On May 11, 1997, history was made. Deep Blue, the IBM Artificial Intelligence (AI) supercomputer, defeated Gary Kasparov, a world champion chess master, in a six-game match. This was the first time a machine ever defeated a world champion in chess and marked the beginning of a new era. However today, there are many cases where AI and humans are working together to achieve better results. As an example, an AI-enabled sous-chef called Chef Watson from IBM, is able to create recipes that help their human partners in the kitchen. This shows that AI and humans can work together to accomplish more. On a similar note, in the realm of commercial underwriting, until there are major changes in the modern world, human underwriters have a great opportunity to use AI to produce the best results.

 

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Topics: Business, Underwriting, Insurtech

#ITC2018 Recap: There is a Movement Happening

Posted by Phil Alampi on Oct 8, 2018 9:56:00 AM

This was my first year attending InsureTech Connect (ITC) and it did not disappoint! Held at the MGM Grand in Las Vegas, NV, the conference was an explosion of fantastic industry talent, thought leadership and ambitious ideas. It has grown from 1,500 attendees in 2016 to nearly 7,000 this year! Needless to say, I was neither able to attend nor write up every session and activity at the event, so this post will not cover all this conference had to offer, however it will give the highlights from my experience there.

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Topics: Inspiration, Business, Underwriting, Insurtech