Artificial intelligence innovation is an important focus for many companies in 2017. Fukoku Mutual Life Insurance Company has taken a lead in the insurance market with its announcement to replace 34 workers in its payment assessment department with an IBM Watson artificial intelligence solution. The firm says the Watson system will improve productivity and save approximately 140 million yen ($1.21 million) per year. This is one of the first times we've seen a public announcement of how employees have been replaced as a direct result of artificial intelligence. Source
Join LendIt on Monday, August 14 at 2:00 PM EST for a webinar about blockchain technology and insurance; the webinar will discuss how blockchain can streamline operations for wealth managers and insurance back office operations; presenters include Jayant Khadilkar, global head of analytics and technology at Tiger Risk, and Ryan Rugg, business development at R3. Source
Leading Chinese insurtech firm, ZhongAn, has announced the addition of a new fintech incubator; ZhongAn Information and Technology Services Co., Ltd. will be focused on technology development in the following four areas: artificial intelligence, blockchain, cloud computing and data; seeks to be a technology accelerator for insurtech. Source
A research report on insurtech from Gartner says the majority of the world’s 25 largest insurance companies will invest in insurtech by 2018; 64% of these companies have already made significant investments in emerging insurtech companies and innovation; among the highest priorities for investment are digitization, digital customer management, mobile and analytics. Source
Online auto insurance company, EverQuote, has raised $23 million in Series B funding; the funding is part of a pre-IPO plan to provide liquidity to its founders and employees; the firm will also use the funding to hire 120 employees focused on sales and data; plans also include directly selling insurance on the platform with the use of proprietary data from the firm's app, EverDrive. Source
Join LendIt for a webinar about blockchain technology and how it can streamline operations for wealth managers and insurance back office operations; register here for the August 14 webinar at 2:00 PM EST; presenters include Jayant Khadilkar, global head of analytics and technology at Tiger Risk, and Ryan Rugg, business development at R3. Source
SoFi has begun to acquire state life insurance licenses and is working with Protective Life Insurance Co. on a life insurance partnership; known for student loan refinancing, life insurance would add to the company's expanding product offerings which now include mortgage loans, personal loans and wealth management. Source
A new report by Capgemini shows that banks are ahead of the insurance counterparts when it comes to transforming their...
The LendIt Insurtech Forum is today at 4 PM EST; the Forum will help to introduce the LendIt audience to one of the most innovative companies in property and casualty insurance, and a leading insurance association focused on this innovation trend; Lemonade CEO Daniel Schreiber and Adam Kerns of the American Insurance Association will be interviewed by Thalia Smith of Deloitte about innovation currently taking place and how these new companies are affecting the traditional players in the insurance market; register here. Source
Brickell Capital Finance will now offer its healthcare clients Liquid FSI Convert2Pay services through its sales representatives; Liquid FSI Convert2Pay allows healthcare professionals to upload healthcare claims and receive payouts; the firm has a range of solutions for healthcare claim payouts and also offers healthcare industry lending services. Source