The 3rd annual Machine Intelligence Summit (MIS 2019) took place on July 5th in Berlin. The motto: Where Artificial Intelligence crosses Insurance (Where AI x Insurance). For this day, the Allianz Forum was transformed into a place where the latest scientific findings met new business ideas. A networking event organized by Omni:us that broadened the horizons for future opportunities of this breakthrough technology.
Where AI x Insurance
With “Where AI x Insurance” on the agenda, the event brought together the brightest minds in Artificial Intelligence (AI), a global community of innovators, research and machine learning scientists, data scientists, data engineers and business leaders who met to exchange ideas and explore the most essential and interesting topics in applied AI.
MIS 2019 brought together the core pillars of insurance management to explore how technologies such as machine learning can help develop relevant and personalized insurance products and services that deliver a seamless experience. Machine learning is the processing of big data, i.e. large amounts of information that can hardly be evaluated analogously.
Information as Fuel for Business Success
It is precisely this information that fuels business success in the insurance industry. If you are better informed about the risk, you can reduce the premium and win more customers. This is why insurers collect and store data from external and internal sources. But insurance companies are also affected by the fate of collectors. They can hardly find their treasures when they are needed. Hidden in old systems, lost in wrongly stored files, they can no longer be used. After about ten years of development, there is hope for viewing the existing mountain of data: Artificial Intelligence.
During this time, pioneers in the industry such as AIG, Allianz and AXA have archived and evaluated countless documents and results can now finally be applied in practice. It turned out that AI is not a sudden development, but the fruit of many years of development work.
This approach of insurers to AI has pleasant effects for the customer though. AI helps to improve the risk of the portfolio – expensive risks are excluded and have a positive effect on the premium.
The product range can be extended by more suitable products. AI accelerates processes from claim design to claims handling, which in turn significantly accelerates department response times.
The Highlights of the Machine Intelligence Summit
Moderated by Simon Phipps (The Digital Insurer), the first panel discussion of the event was also one of the highlights: Linda Stannierder (Brandlabs), Christian van Leeuwen (FRISS), Monika Schulze (Zurich) and Joachim von Bonin (Simplesurance) shared their views on the topic of “Customer Value customer added: Insurance for a better future: a disruptive business model”. The questions were asked as to what the insurance industry can expect in the end. The answers covered automation of claim processing, new distribution channels and pricing.
As last year, the organizers again succeeded in attracting participants from all important companies and relevant sectors. Among others, representatives of Microsoft, Zurich, Generali, Baloise, and Allianz were present to name just a few.
Our Conclusion
Elisabeth Mistelbauer, Head of Claims Management at bsurance, was on site for us. She sees insurers and their clients benefiting from the increased use of AI in the near future, even though the exact “how” is still not clear. The Machine Intelligence Summit 2019, however, once again provided an in-depth analysis of the state of affairs and an extremely profound outlook.
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