Technology in Insurance

Artificial Intelligence in the InsurTech Space

Tällt Ventures Report

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Bristol, UK (May 10, 2017) – A new report by Tällt Ventures, Insurtech Disruption Trends 2017: Artificial Intelligence, describes some 60 InsurTechs that utilize A.I. and have significant potential to impact the insurance market as we know it.

The report looks at:

  • Defining artificial intelligence;
  • Future thinking;
  • Investment watch;
  • Venture map;
  • Corporate activity;
  • Disruption tracking.

In the latter section, the report considers five areas where AI is likely to play:

  • Underwriting Risk;
  • Customer Experience;
  • Virtual Assistance;
  • Claims Management;
  • Compliance & Administration.

In his foreword, Harry Clarke, Head of Research at Tällt Venture, explains that –

Insurance is entering a time of increasing connectivity, automation and competition, driven by exceptional technological advances and a major shift in customer expectations.

While the term artificial intelligence (AI) has been around for over 50 years, it's now fast becoming part of our everyday conversation. The expression, denoting technology said to possess a level of intelligence somewhat comparable to humans, is creeping into our daily rhetoric, our purchasing behaviours, banking, and, more recently, insurance.

Whilst the corporate mainstay has begun to feel the threat of disruption, investment into ventures with AI as a core function of their product or service reached annual records in 2016, as investors scrambled to stake their claims in the tech revolution.

With a total of $5bn invested and a 33% rise in annual deal activity in 2016, AI tech has been well and truly thrust into the venture capital spotlight. And insurance-focused AI ventures are getting their fair share of the attention. Of the companies tracked by Tällt, over $1.35bn has been invested into insurance-focused AI startups in the last 5 years.

This report identifies challenges and opportunities generated through the emergence of AI as a powerful form of technology, faced across the entire insurance value chain.

By drawing on Tällt's unique intelligence on over 5m tech startups, this report provides the latest investment data, trends and insights into the corporates and new AI ventures altering the status-quo.

We hope you enjoy reading it.

Download the report.

About Tällt

Tällt is a new breed of company. We work with organisations who recognise the need to adapt to an ever-changing world. We help our clients avoid disruption by providing the insights into potential threats; we do studio work to create and evolve digital business; and we build and accelerate startups.

We are a team of proven entrepreneurs, agency folk and industry practitioners.We have studios in 5 locations around the world and employ researchers across 14 countries. We tend to work in small, seconded teams and like to invest in long-term, strategic relationships with our clients. Whilst we will always think big, our ideas are always rooted in commercial viability and return on investment.

For more information, visit www.tallt.ventures.

SOURCE: Tällt


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