Page 23 - Insurance Times February 2022

E. Flamingo slow. McKinsey's estimates an expected annual fee of $1.1
Headquarters: Australia trillion, if artificial intelligence is fully applied to the insurance
enterprise. With the cost-saving ratios that the technology
Founded: 2016
has given, organisations are keen at adopting it in the future.
Key Person: Catriona Wallace
One major factor why AI will prove to be critical is the ever
Not all insurtech companies started with the idea of catering increasing "data fiction" of all forms of interactions.
to the insurance sector, one such company is Flamingo which
started as a provider of technology for the financial sector As per a Deloitte report, AI is assisting insurers by way of
only, by guiding customers in their selection and purchase of predicting danger with greater accuracy, and the use of better
financial products. Flamingo came up with a cognitive virtual foresight to hastily deploy new products. It lets the insurers
assistant platform for the auto insurance and therefore came to be more agile, allowing them to install new technology
into a deal with Liberty Mutual. This move by the company and techniques in reaction to the emerging risk.
was strategically placed in order to increase the sales and
revenue, which are integral to a start- up. Flamingo recently Some significant examples of how the Indian Insurers
announced the launch of a cognitive virtual enquiry assistant are putting technology to use are as stated:
for auto insurance named MAGGIE. a. IFFCO Tokio General Insurance company has "leveraged
AI for image processing to analyse the extent of the
This is aimed to assist customers and employees with damaged vehicle (personal cars), which helps them in
questions relating to auto insurance it is said to have been generating a list of repairable and replaceable parts that
pre- ceded with auto insurance knowledge and over 1200 were damaged in the accident. Within a couple of
FAQ's (Frequently asked questions). The interface learns minutes, the assessment and therefore the cost are given
rapidly from every interaction upgrading itself in the process. to the customer, which they will either accept or reject.
Flamingo is also a provider of LIBBY (self-organising library) a If the assessment gets accepted, the payment is formed
software used to analyse large unstructured text and the within fifteen minutes on to the customer's checking
'Brain' i.e. the machine learning engine that can be used by account. The company has automated claim settlement
other tech companies for customer interactions. with AI."
b. To submit the certificate of existence, a user had to visit
"To start there, and rip people out and put robots in the branch. It was a time-consuming process for both
would be disastrous, it must start with the customers and the company. We automated this process
augmented approach." and made it digital by using AI. Now, the user can simply
- Ms Wallace (Founder Flamingo AI) submit a photograph through application and therefore
the intelligent algorithms verify whether the person is
There are a lot of other players in this field with equally alive or not.
innovative stories and passion driven start-ups. The insurance c. To service its customers in an instant, accurate and
industry is no more limited to the conventional way of doing efficient manner, Max Life Insurance has put Artificial
business and is opening doors for creative minds. The Intelligence to use. Its website offers a live chat supported
adoption of insurtech has clearly defined progression in the by a bot that is constantly learning and providing more
insurance industry. and more information to its customers in a timely and
concise manner.
Indian Insurance Industry Today
Artificial Intelligence has helped refurbish businesses. It is Insurance Industry 2030
producing new avenues for growth and profitability. Being The face of insurance industry will witness changes that are
an incredibly regulated industry that insurance is, creating a buzz in the present. Implementations will be in full
organizations have comparatively taken up technological force, and changes will be accelerating. The insurance
implementations relatively fast. Insurance no longer seems industry will be ready to work with a new force and pace that
to be steeped in manual, paper-based processes that are will be essential to their survival and enriching for their

The Insurance Times, February 2022 23