FairPlay AI reposted this
Founder & CEO at FairPlay | 10+ Years of Applying AI to Financial Services | Architect of $3B+ in Financing Facilities for the World's Underserved
Gallagher Re, one of the world’s largest global reinsurers, has released a report this morning on the growing role of AI in the insurance industry, particularly in risk selection, pricing, underwriting, and portfolio management. The report features several case studies and profiles of InsurTech companies, including – you guessed it – FairPlay! The report provides optimistic growth projections for the InsurTech sector, driven by continued AI innovation and increasing adoption of digital solutions. It also offers strategic recommendations for insurers adopting AI, emphasizing transparency, fairness, and privacy in AI systems. FairPlay helps some of America’s biggest brands explain, de-bias, stress-test, and monitor AI-powered risk models. It's an exciting time for InsurTech, and we're thrilled to be at the forefront of this innovation! Thank you Andrew Johnston for recognizing our work. Are you ready to harness the power of AI responsibly? Check out the Gallagher Re report and let’s connect!
Dear LinkedIn friends, It is my pleasure to share with you the second of the 2024 series Gallagher Re InsurTech reports. We continue to focus on Artificial Intelligence (AI), and its role in the (re)insurance industry, with Q2 taking a look at AI's role in 'risk' (pricing, underwriting and portfolio management). Included in the report, as always, are InsurTech companies and individuals of relevance to the theme - in this case those companies who are bringing AI in risk to life in our industry, and those experts who have a view on how and what is developing. We also have two features on the issues arising from the potential threats associated with AI - namely fairness and biases. Some Q2 data highlights; * Q2 2024, funding rose to USD1.27B, the highest level since Q1’23 * Early-stage InsurTech funding increased to USD377.60M, the highest level since Q1’23. * The average deal size rose to USD18.46M, the highest level since Q3’22 * Interestingly, overall InsurTech deal count saw 82 deals in Q2’24, the lowest quarterly count since Q2’20 * A third of Q2’24 InsurTech deals went to AI-centered InsurTechs and 40% of Q2’24 deals went to risk-focused InsurTechs * The overall increases are attributable to a near doubling of average deal sizes To understand what is driving these numbers and view our insights on AI, please access the complete report. Full report available for download at the bottom of the link https://lnkd.in/e-Tyvch7 Now to our wonderful participants – this report would not be possible without the following companies and people featured; Sypher, Send, Concirrus, Cytora, FairPlay AI, INSTANDA, Intact Ventures, Gallagher Re, Kayna Innovation, AEGIS London, Ki Insurance, Artificial Labs, Sidley Austin LLP, Sixfold, Slipcase and of course CB Insights. #InsurTech #Gallagherre
