Last week’s blog took a look back at DataCubes’ 2019 highlights. In this blog, I’d like to focus on where the industry stands today and what’s ahead for insurtech and AI in 2020.
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.
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.