Is the insurance market ready for AI technology? / Yarden Peled


There is no doubt that everyone is talking about AI and the most talked about word generates buzz at all ages. This is even among adults who want to understand what the fuss is about and whether the tool can help them in various areas. To understand how much interest the word generates, you can find an astonishing number of 9,550,000,000 Google searches.

But with all due respect to the buzz, we are talking about the insurance market, a heavy and relatively outdated market. There is no way that this technology is already ripe for the insurance industry. It can already help insurance companies and agencies with their ongoing operations. It is a challenge to overcome regulatory barriers, security issues, and navigate complex product terms and language.

We at Insurtech Israel decided to challenge this issue and check whether AI tools can indeed be used today in the insurance industry.

To this end, we invited Microsoft and several leading AI startups for a discussion and demonstration. This was done at Shlomo Insurance’s management offices in Petah Tikva.

I’ll start at the end – it was amazing! I could almost sense the solutions presented and how they would be implemented tomorrow by some insurance companies. The solutions were divided into customer service and customer interaction, as well as other sales and management challenges. Above all hovered Microsoft, which presented a core system based on Azure cloud and Office 365 system. This system is installed in almost every business and computer in Israel, and therefore its solutions are relevant to Israeli companies.

The announcement of the integration of chat GPT into its search engine Bing has made a leap forward in terms of AI solutions in Microsoft’s tools. This allows startups to integrate into its products and thus achieve simple and efficient integration for businesses.

So, what we had in the interesting display at Shlomo Insurance:

  1. The amazing capabilities of AI on the one hand enable the execution of amazing capabilities, and at the same time create quite a few dilemmas and dangers for users, but especially for companies that hold critical data for their operations. DeepKeep has introduced a protection system for AI systems in organizations that enables transparent activity and prevents information leakage. It also protects information against forgeries and changes that affect company systems.

DeepKeep protects ML systems by providing real-time attack detection and alerting, vulnerability assessment of pre/post-deployment models, and advanced tools for hardening and deploying ML according to policies.

  1. The second startup, D-ID, presented a viable platform that enables companies to develop AI-based digital marketing capabilities and customer service response capabilities, while understanding the policy terms and the differences between customers, and even assisting with sales during response time.

The product animated still photos of faces to facilitate high-quality video productions. The self-service studio and API offer groundbreaking capabilities in verticals such as e-learning, corporate training, customer experience, marcomms, AI assistants, family history and the Metaverse.

  1. Above all of them hovered Microsoft. This presented how it is possible to combine all the capabilities and products to give companies smooth process based on artificial intelligence. Using the cloud and artificial intelligence components in various Microsoft systems, Ariel Negrin demonstrated the variety of options. For example, the possibility of recording a team’s call even when one of the participants is not on the call.  After e-meetings, enjoy all the information from the conversation at the click of a button. This includes relevant keywords, who said them, how many times, what the tasks are and what the results of the conversation are. They did not even participate in. Another capability presented was preparation for a meeting from within Outlook. You can ask Outlook to prepare you for the next meeting. With the click of a button, relevant information about the meeting will be displayed. This includes information about past meetings, relevant documents and proposals, agreements, etc.

Tomorrow morning, insurance companies can begin experimenting with tools and solutions already being implemented in service and sales centers around the world. This will give artificial intelligence the opportunity to learn and understand the Israeli customer. Most of the experience can take place in interaction with customers who want to renew a policy or receive information that requires several data sources. The insurance company will benefit from the learning process and cost savings. In addition, the customer, who will receive an experience not yet available in Israel.

There is no doubt that there is still room to improve, and there are still issues to be addressed in the implementation of artificial intelligence technology in systems in general and insurance companies in particular, but at the same time the future is already here and it is really close that you can smell it.



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