Neural’s Post

Neural has successfully raised $1.4 million in an oversubscribed pre-seed round, paving the way for advancements in property/casualty insurance with artificial intelligence and data analytics. Leveraging a combination of open and proprietary data, including advanced geospatial imagery analytics, Neural aims to enhance operational efficiency, improve risk identification, and combat fraud within the insurance sector. With its AI-powered platform, Neural introduces a sophisticated suite of tools for real-time risk assessment, offering unique scoring systems for underwriters and utilizing algorithms to analyze extensive datasets on economics, population, and environment. https://lnkd.in/e9NVwDaG #AIInsurance #DataAnalytics #GeospatialTechnology #AI

An informative article from Swiss Re about Generative AI which is already changing the landscape for underwriting, customer service and fraud detection. With enhanced data analytics and predictive capabilities, it will become a more effective tool for underwriters to combine insurance coverage with risk mitigation. #artificalintelligence #AIinInsurance #generativeAI

AI is facilitating a shift in the insurance industry from “response and recovery” to “predict and prevent.” According to the Forbes Technology Council, AI can help insurers improve their predict and prevent metrics with incredible accuracy. By leveraging vast datasets and complex algorithms, AI can provide the tools and information needed for insurance companies to work together with policyholders to better protect their properties from risk. Thank you, Ashley S. Hattle-Cleminshaw and PropertyCasualty360, for the opportunity to speak with you on this important topic. #ZestyAI #riskmitigation #AI #propertyintelligence

Gradient AI Raises $56M to Boost Insurance Industry Efficiency - Funding Announcement: Gradient AI secures $56 million in Series C funding, led by Centana Growth Partners, with participation from MassMutual Ventures, Sandbox Insurtech Ventures, and Forte Ventures. - Focus on Insurance Industry: The company specializes in AI solutions for insurance, particularly in automating underwriting processes and enhancing operational efficiencies. - Data-Driven Insights: Gradient AI leverages a vast data lake, including policies, claims, and additional contextual data, to provide predictive insights for better risk assessment. Subscribe to our daily newsletter here for more AI news https://lnkd.in/dB2vmq2x #AI #Technology #Innovation #BigData #ArtificialIntelligence #DataScience #Analytics #BusinessIntelligence #Insurance #Finance

In the ever-evolving landscape of insurance, artificial intelligence (AI) and machine learning (ML) stand out as beacons of hope for improving underwriting quality and reducing fraudulent activities. A recent report by the Capgemini Research Institute sheds light on the industry's perspective on AI's potential, revealing both optimism and hesitations among insurance executives. 👇 ✅ According to the report, a significant 62% of insurance executives acknowledge the positive impact of AI/ML technology on underwriting quality and fraud reduction. ✅ Only 43% of underwriters are fully trusting and accepting of automated recommendations from predictive analytics tools. ✅ Only a mere 8% of property and casualty (P&C) insurers are considered "trailblazers," consistently outperforming mainstream carriers by leveraging AI-driven insights and automation. ✅ The report notes that 42% of policyholders find the current underwriting process complex and lengthy. ✅ Moreover, 27% of policyholders have switched providers in search of lower premiums (60%) and better coverage (53%). For more information, click here.👇 #report #trendy #technologies #AI

Risk assessments with #AI tools may have more advantages because they give insureds the tools and information necessary to monitor and improve their property and may foster a stronger relationship between insurers and policyholders. “There’s a tremendous opportunity to actually engage in a positive way with insureds to help them be a partner in predict and prevent,” said David T.—check out the latest from PropertyCasualty360 here: https://lnkd.in/g8SiSQhB #PredictAndPrevent

With the rapid evolution of GenAI, self-learning and adaptive AI agents are entering the mainstream of business automation. NeuralMetrics recently launched AI underwriting agents that can be trained to make decisions and execute actions, such as reviewing commercial applications to match up with an insurer’s risk appetite. NeuralMetrics CTO Sathish kumar Manimuthu talked with PropertyCasualty360 about how AI agents are poised to enhance underwriting processes: https://lnkd.in/gVcC9TdE

How can we adjust insurance prices to avoid proxy discrimination, when we have incomplete information on protected characteristics? We address this question in our paper "A multi-task network approach for calculating discrimination-free insurance prices", with Mathias Millberg Lindholm, Ronald Richman and Mario Wüthrich, just published by the EAJ, European Actuarial Journal. See the comments for a link to the full text. * We address the impact of implicit inferences of protected policyholder characteristics in predictive models, potentially leading to discriminatory pricing effects. * Technical solutions to this problem require knowledge of all policyholder characteristics (including protected ones). This can be problematic in practice. * We navigate this challenge by introducing a multi-task neural network architecture for claim predictions. This network can be trained with partial information and produces discrimination-free prices. * We demonstrate the proposed method on both synthetic data and a real-world motor claims dataset, in which proxy discrimination can be observed. * We find that the predictive accuracy of the multi-task network is comparable to a conventional feed-forward neural network, when the protected information is available for at least half of the insurance policies. * In the realistic case when the protected information is known for less than half of the insurance policyholders, the multi-task network has superior performance. #actuarial #research #pricing #proxy #discrimination #fairness #neuralnetwork #multitask #ai #insurtech

Interesting overview on the rising interest in AI within the insurance sector, with the hope "that sophisticated proprietary platforms can bring customers and insurers closer together, providing customers with unique experiences and customization, and a premium that aligns with their level of risk" https://lnkd.in/dkyZz73Q

🚀 Exciting News Alert! 🚀 Today marks a monumental milestone in the world of insurance innovation as Dash Neuron proudly unveils its groundbreaking suite of Generative AI-driven products and an updated website (www.dashneuron.com). 🔗 Our Theme: Your data remains with you and the fine-tuned LLMs become your IP Assets for monetization 🔥 The Revolution Begins: Our suite of Generative AI-powered products—GPTUnderwriter™, InsureLLM™, Localized Document Assistant™, and SynGen™—are set to revolutionize insurance operations. From underwriting precision to document processing efficiency, these tools are designed to empower insurers with unparalleled accuracy, speed, and security. 👉 Click the link below to watch our exclusive launch video. Watch Now! Link: https://lnkd.in/exiPzhsc #DashNeuron #generativeai  #insurance #InsuranceInnovation #AIRevolution #InsurTech #AIUnderwriting #DigitalTransformation #ArtificialIntelligence #MachineLearning #DataScience #InsuranceTech #LaunchEvent #TechNews #InnovationLeadership #FutureReady #JoinTheRevolution