Tag: AI tech

State Farm slapped with $2 million fine for underpaying auto insurance claims

Marc
Auto insurance Fine - gavel money

State Farm has agreed to pay a $2 million fine for having underpaid auto insurance claims. The fee was the result of a Montana Commissioner of Securities and Insurance (CSI) investigation into the insurer that lasted about two years. If corrections aren’t made, the insurer will be required to pay double the fine. State Farm is required to change its claim handling practices in order to avoid continuing to underpay auto insurance claims. If it fails to do this, it will need to pay an additional $2 million beyond the…

Read More

Insurance industry marketing data might shrink artificial intelligence bias

Logan B.
Insurance industry - AI Data

AI is playing a growing role in the way insurers do business, but it’s clear that improvements are needed. What seemed like nothing more than science fiction a few years ago is now becoming a commonly accepted technology for the near future of the insurance industry as artificial intelligence (AI) rapidly develops. That said, as has been made more than clear in recent days with the goofs and flubs made by Google and Microsoft chatbots, it still has a lot of kinks to be worked out. Insurers have been increasingly…

Read More

Concirrus Launches AI-based Quest Property in US to Speed Claims Process

PR Article
insurance tech news insurtech

Concirrus, a leading insurtech that harnesses the power of AI, machine learning and data analytics to improve insurance… today announced the launch of its Quest Property solution in the US market available for both residential and commercial properties. Quest Property uses AI to process satellite and aerial imagery quickly and accurately, determining loss severity within hours of data acquisition. By giving greater control to the insurer, Quest Property significantly reduces the time and resources that go into the claims process while mitigating additional claim loss due to risk of fraud,…

Read More

Allstate artificial intelligence brings customer support to a new level

G. Turner
Allstate Artificial Intelligence - AI - Brain - Think - Technology

The insurer is using the Amelia AI tool from IPsoft to provide its U.S. call center teams with assistance. Amelia, the new Allstate artificial intelligence tech, has joined the insurer’s customer support teams across the United States. The AI tech involves the use of a cutting edge platform from IPsoft, a New York based tech company. Amelia now uses her AI platform to assist call center staff members in boosting their customer experience. The Allstate artificial intelligence platform was initially deployed as a test in September 2017. Before and since…

Read More