🤖 Produvia
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🤖 Produvia

Artificial Intelligence (AI) in Insurance

Updated on Jan 13, 2020

Artificial intelligence (AI) and machine learning are revolutionizing the insurance industry. Here’s what you need to know.

Machine learning is a growing and diverse field of AI which studies algorithms that are capable of automatically learning from data and making predictions based on data. Machine learning is one of the most exciting technological areas of study today. Each week there are new advancements, new technologies, new applications, and new opportunities. It’s inspiring, but also overwhelming. That’s why I created this guide to help you keep pace with all these exciting developments. Whether you’re currently employed in the insurance industry, or just pursuing an interest in the subject, or working with us at Produvia, there will always be something here to inspire you!

Here are a few ways artificial intelligence and machine learning can be used in the insurance space.

AI in Research

Research is a critical component of innovation of the world’s best companies. Digital transformation is no longer the driver for innovation. Today’s companies are using machine learning and AI to conduct state-of-the-art research using computer vision, natural language processing, and deep learning technologies.

  • Classify agent performance based on several attributes like demography, products sold, new business (Kaggle, 2016)
  • Predict annual income, premium and loss reserving, loss-payments using machine learning (Son et al., 2016)

AI Startups

There are many startups that are already using AI and machine learning from claims processing to telematics. At Produvia, we identified five categories for innovation.

  • Shift Technology uses machine learning to analyze insurance claims
  • ControlExpert uses machine learning to perform insurance claims for the automobile industry
  • Cognotekt and SnapSheet optimizes business processing using artificial intelligence
  • MotionCloud offers mobile claim management solutions
  • RightIndem offers 1-day claim settlement
  • Tractable is using a deep learning system to simplify the triage process after a car accident. Instead of manually scanning pictures, they use machine-trained estimates for repair costs, enabling agents to accelerate a claim past triage and into repair, salvage, or appraisal.
  • WeGoLook is an ‘Uber of inspections’ that can dispatch 30,000 ‘lookers’ to collect real-time data, photos or video on behalf of insurers for automotive and property inspections or insurance claims
  • Lemonade uses AI and machine learning to handle claims and sales. Lemonade is also addressing consumer-to-carrier transparency by applying a flat, upfront fee to premium income rather than profiting from unclaimed premiums
  • Haven Life is using artificial intelligence to offer basic products, with fast and simple underwriting, enabling sales and services via the digital channel
  • Oscar and StrideHealth are trying to make insurance user experience simpler
  • Captricity is using machine learning to convert handwritten files into structured data, and this can be used to better understand the final customer
  • ValChoice ranks the service of insurers to the benefit of the client
  • Spixii is an automated insurance agent who helps people buying any insurance coverage
  • Cognicor is a virtual assistant that offers customer care services
  • RiskGenius is an intelligent comparator which identifies gaps in coverage for the customer
  • PolicyGenius looks for the best solution that fits customer’s needs and characteristics
  • Brolly and Knip is trying to simplify personal insurance
  • Root is using machine learning to identify patterns in the location and motion data, give people a driving score, then give them an insurance quote

Start an AI project

At Produvia, we produce intelligent software. We specialize in artificial intelligence, machine learning, and deep learning. Let’s chat! Visit us at produvia.com



Most companies struggle to reach full autonomy. At Produvia, we help companies develop artificial intelligence technologies so they can be more autonomous.

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Slava Kurilyak (slavakurilyak.eth)

🚀 Helping $1M+ brands drop & market digital assets 🤩 Founder at Phoenix Team 👉 Schedule a discovery call (link in bio)