#ArtificialIntelligence in #Insurance - #Stocks to Watch (OTC:
$LZGI) (NYSE: $DWIN) (NASDAQ: $INTC) (NYSE: $LMND) @Fatbrainai @intel
@Lemonade_Inc
Vancouver, Kelowna, Delta, BC –September 15, 2022 - Investorideas.com, a leading investor news resource covering technology and AI stocks releases a special report covering the growth in AI technology utilization in the insurance industry, featuring FatBrain AI (LZG International Inc.) (OTC: LZGI). AI technology utilization in insurance has been spurred partly by the changing work landscape caused by COVID 19 and businesses now adopting some form of remote work options as well as the general adoption of technology in the workplace and at home and how big data collection can work with AI to allow for more effective and customized insurance solutions.
Read this article,
featuring LZGI in full at https://www.investorideas.com/news/2022/technology/09151Artificial-Intelligence-in-Insurance.asp
A
recent article from Mkinsey.com titled “Insurance 2030—The impact of AI on the
future of insurance” discussed how AI technology is
currently impacting the insurance landscape as “AI’s underlying technologies
are already being deployed in our businesses, homes, and vehicles, as well as
on our person. The disruption from COVID-19 changed the timelines for the
adoption of AI by significantly accelerating digitization for insurers.
Virtually overnight, organizations had to adjust to accommodate remote
workforces, expand their digital capabilities to support distribution, and
upgrade their online channels. While most organizations likely didn't invest
heavily in AI during the pandemic, the increased emphasis on digital
technologies and a greater willingness to embrace change will put them in a
better position to incorporate AI into their operations.”
“AI
and its related technologies will have a seismic impact on all aspects of the
insurance industry, from distribution to underwriting and pricing to claims.
Advanced technologies and data are already affecting distribution and
underwriting, with policies being priced, purchased, and bound in near real
time. An in-depth examination at what insurance may look like in 2030
highlights dramatic changes across the insurance value chain,” the article
continued.
FatBrain AI (LZG
International Inc.) (OTC:
LZGI), a pioneer in
powerful and easy-to-use artificial intelligence (AI) solutions for start-up
and mid-market businesses (SMEs), recently acquired
Intellagents, an innovative and trusted insurtech
provider. The FatBrain and Intellagents combination empowers businesses,
brokers and insurers to leverage Peer Intelligence technologies to optimize
transactions, score risk, enhance productivity and simplify actionable insights
for everyone across the insurance supply chain creating never-seen-before
opportunities for growth.
“We are excited to welcome Intellagents into
the FatBrain family,” said Peter B. Ritz, co-founder and CEO of FatBrain.
“Intellagents features powerful automation to advance dynamic peer intelligence
networks, leveling the technology playing field currently only used by large
industry leaders. We’re setting a new standard for peer optimization in the
insurance industry, and our innovations will unlock more value for many more
businesses across the board.”
Intellagents unifies an
insurance-specific integration and API management platform with connectors to
more than 80 insurance capabilities that can be quickly orchestrated into
unique solutions. It enables insurers and brokers to rapidly realize
improvements and efficiencies across multiple domains, including: client
engagement; channel optimization; risk selection, pricing, and fraud
mitigation; product speed to market; and “Book of Business'' acquisitions.
“We created a
comprehensive ecosystem to harness the power of data and AI featuring a simple
user experience – enabling our customers to rapidly innovate and grow,” said
Mark Stender, President and co-founder, Intellagents. “No single insurer,
broker or software company can solve the challenges of the insurance industry
alone. The industry-wide growth potential lies in a multi-faceted network of
ecosystem members, all securely sharing dynamic learnings to continuously
improve performance. The latest advances in AI accelerate the possibilities.”
Intellagents
is SOX, GDPR and HIPPA compliant and capable of passing any compliance exam
from insurers.
“We’ve
seen peer data turbo-charge the market in life insurance and annuities,” said
Shawn R. Carey, chief operating officer at FatBrain and co-founder,
CTO-emeritus at iPipeline, a Roper
Technologies, Inc. (NYSE:
ROP)
company. “Contributory peer insights powered by AI promise to accelerate growth
beyond what we realized at iPipeline. With Intellagents ecosystem, team and
technology we’re starting on 3rd base.”
“Our
mission at FatBrain is to equip entrepreneurs and mid-market businesses with
simple to use tools that will help them reclaim time, save money and boost
their bottom lines,” said Rajarshi Das, chief scientific officer at FatBrain.
“Intellagents and FatBrain are united in this mission and eager to support the
global community of business, brokers and insurers.”
More
companies are beginning to eye up the potential for AI in insurance like Delwinds Insurance Acquisition Corporation
(NYSE:
DWIN), a publicly traded special purpose acquisition
company, and FOXO Technologies, Inc. (“FOXO”), a technology company applying
epigenetic science and AI to modernize the life insurance industry, who recently
announced that DWIN’s registration statement on Form
S-4, relating to the previously announced proposed business combination between
DWIN and FOXO, was declared effective by the US Securities and Exchange
Commission on August 26, 2022.
FOXO is
a technology company aiming to make longevity science fundamental to life
insurance. By applying epigenetic science and AI to commercialize saliva-based
biomarkers, FOXO plans to simplify the consumer underwriting journey and
enhance the consumer value proposition. FOXO’s platform will modernize the life
industry with saliva-based underwriting technology and consumer engagement
services.
Upon
completion of the Business Combination, DWIN estimates that enterprise value
will be approximately $297mm of the combined company and the common stock will
trade on the NYSE American Stock Exchange (or another permitted exchange) under
the symbol “FOXO”. At the closing of the Business Combination, all remaining
DWIN units will separate into their components consisting of one share of DWIN
common stock and one-half of one warrant and, as a result, will no longer trade
together as a separate security.
In recent
news it was announced that Intel Corporation (NASDAQ:INTC) “plans
to launch several initiatives such as ‘AI for future workforce’ and ‘AI for
current workforce’ by the end of this year with an aim to build skill-ready
workforce, Shweta Khurana, senior director – Asia Pacific and Japan (APJ),
government partnerships and initiatives, global government affairs, Intel told
FE Education Online. “AI for future workforce will cater to 18 years and above
and AI for current workforce is for professionals with primary focus on women
driven small and medium enterprises (SMEs),” Khurana said.
As per
the company, the curriculum designed for AI for future workforce is technical;
however; students do not require any prior domain knowledge. Furthermore,
projects under the programme are focused on industrial impacts such as common
trade application, predictive maintenance, viral post protection,
insurance fraud protection among others. “Through virtual
training in a real-world environment for three months learners will be exposed
to the challenges, and how to build solutions for the same,” Khurana added.
In other
recent
news, companies like Lemonade
Inc. (NYSE:LMND) “managed to have a pretty good month, as it was up 17.3%
in August, according to S&P Global Market Intelligence. The insurer, which uses artificial intelligence to
draft policies and handle claims, far outpaced the major indexes as the S&P 500 was down 4.2% in August,
while the Dow Jones Industrial Average was off 4.1%, and the Nasdaq Composite
dropped 4.6%. Lemonade is still down 47% year to date as of Sept. 2, trading at
around $22 per share.”
One
of the primary catalysts for Lemonade's surge was a
strong second-quarter earnings report, released Aug. 8.
Lemonade beat earnings and revenue expectations, with a net loss of $67.9
million, or -$1.10 per share, which was better than the consensus estimate of
-$1.36 per share. Revenue was up 77% year over year to $50 million, while gross
profit was up 15% year over year to $11.3 million.
As we continue to see technology and large scale data
collection seep into every aspect of human life, we can expect AI and machine
learning technology to play a bigger role in managing these systems,
specifically in the insurance industry. We will ultimately see not only insurance
coverage and accessibility be impacted by AI, but also insurance fraud and
protection as well. This all goes without looking at more impactful events such
as COVID or the recent ramping up of climate change action from governments
which will only accelerate the inevitable adoption of AI. It seems the new face
of insurance from big corporations or individual carriers will be the face of
artificial intelligence.
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