Purpose-Built AI Solutions Crucial to Short-Term Technology Adoption in Insurance

Tailor-made AI offerings emerging as keys to internal inefficiencies: Novarica

Boston, MA (June 4, 2018) – Artificial intelligence solutions have strategic potential in insurance, but insurers are finding that general solutions require insurmountable investment in terms of time, resources, and capital. AI offerings that are tailor-made for the insurance industry are emerging as keys to internal inefficiencies across the insurance value chain. In a new brief, Purpose-Built AI Solutions for Insurers, research and advisory firm Novarica explores the potential value of purpose-built AI solutions, the difference between purpose-built AI and general-purpose AI, and notable solution providers in the space.

“Single-focused, niche technologies can prove more practical than general solutions in the immediate future, especially as technologies like AI are still maturing,” said Jeff Goldberg, Senior Vice President of Research and Consulting, and co-author of the report. “Purpose-built AI solutions have preexisting algorithms already trained in insurance lexicon and transactions; they target specific pain points in areas such as claims, underwriting, and customer insights.”

The report provides detailed profiles of 20 vendor solutions that include information on each vendor’s capabilities, technology, and market position. Vendors profiled include: Cape Analytics, Flyreel, Tractable, Arity, Chisel, Intellect SEEC, Shift Technology, Avaamo, Spixii, and Synechron.

A preview of the brief is available online.

CORRECTION (June 7, 2018)This article originally contained an erroneous list of vendors profiled.

About Novarica

Novarica helps more than 100 insurers make better decisions about technology projects and strategy through retained advisory services, published research, and strategy consulting. Its knowledge base covers trends, benchmarks, best practices, case studies, and vendor solutions. Leveraging the expertise of its senior team and more than 300 CIO Research Council members, Novarica provides clients with the ability to make faster, better, more informed decisions. Its consulting services focus on vendor selection, custom benchmarking, project checkpoints, and IT strategy. For more information, visit www.novarica.com.

Source: Novarica

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