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How AI Is Changing The Game In Insurance

  • 2 mths ago

The insurance industry is one of the largest in the world and has been around for hundreds of years, making it ripe for transformation by newcomers in the space. Over the past five to ten years, technology has pushed the frontier of what’s possible, making way for a new breed of digital-first insurance companies to come to life. The use of technology, data, artificial intelligence (AI), and modern design has created a powerful combination, changing what was once a very policy-centric industry to one that’s customer-centric.

I recently had the chance to speak to Daniel Schreiber, co-founder CEO of Lemonade, the digital insurance company powered by social impact with a mission dedicated to building the “most loveable insurance” available. During our conversation, he spoke about the company’s use of AI and big data, how it impacts the customer experience, and the opportunities (and, at times, challenges) it brings to the industry.

Gary Drenik: Can you share more on how Lemonade is using AI?

Daniel Schreiber: We describe Lemonade as being built on behavioral economics and artificial intelligence, which has been true since Lemonade was founded. As a new company looking to disrupt what’s been the go-to model for a centuries-old industry, we wanted to harness the power of AI and big data to not only power our own product but encourage the industry to do the same. In an ideal world, this would lead to insurance becoming fairer, cheaper, and faster. No two people are entirely alike; different people should be treated differently—this should be reflected in how insurance assesses risk and prices policies in a world of individuals.

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