The number of artificial intelligence startups worldwide has exceeded 2,000. Thus, machine learning and big data began to gain ground in the insurance sector, as in other sectors. With the development of insurance technologies and the InsurTech trend in the sector, the reduction of time losses and budget costs has had a devastating effect on the sector. Thanks to this effect, initiatives that shape InsurTech with their work on artificial intelligence started to draw attention all over the world. We have listed the most prominent and pioneering ones among these initiatives.

 

• Lemonade, which offers insurance for renters and landlords with a chatbot application on smartphones, has so far received investments of approximately 60 million dollars from various companies, primarily from giants such as Google, Allianz and Sequoia Capital. In the application, it takes 1.30 minutes to get insurance, and it takes 3 minutes to get paid at the time of any demand. Developed to prevent insurance fraud, this application mostly uses big data and machine learning.

 

• Thanks to RightIndem, which serves as an insurance claim platform that insurers can access via a mobile application, insurance customers can claim compensation, their transaction processes are facilitated, time is shortened, and thus customer satisfaction is increased. The service provided consists of three main compensation claim processes; notice, main claim and payment.

 

• Able to read face by developing machine learning algorithms, Lapetus Solutions can make predictions by combining case data with face analytics and demographic information. It also assesses people's health and longevity by examining their faces. You can never even be fooled by the correctness of your answer about your smoking.

 

• Captricity, which digitizes handwritten and other printed contracts with 99.9 percent accuracy with its machine learning algorithms, received an investment of 52 million dollars. Thanks to this application, which digitizes the analysis of nearly a million job applications, cost reductions of up to 50 percent have been detected on the personnel of insurance companies. With the digitization of even historical policy information, it can be easily analyzed by any application.

 

• Founded in Silicon Valley, Cyence has received an investment of $40 million to date with its business analytics platform that measurably analyzes the financial impact of cyber threats. The rise of Cyence, which is able to calculate these risks on the basis of probabilities and costs, with the importance given to "risk management" by the insurance industry, cannot be stopped.

 

• Zendrive, which measures and improves your driving habits using the sensors on your smartphone, has received an investment of 20 million dollars to date. The application significantly prevents the risk of accidents, so insurance companies provide discounts of up to 25 percent to vehicle owners who are users of the application.

 

• Cape Analytics, a Silicon Valley startup that has developed a technology that combines machine learning and computer vision for real estate insurance companies, provides information on each building's roof, such as material type, usage status, and total area occupied by the building.

• Thanks to Tractable, which automatically calculates costs in vehicle insurance cases with deep learning algorithms, the party repairing the accident uploads the vehicle photos together with an estimate to the insurance claim management system. This ensures the accuracy of the photos compared with the cost estimates.

 

• Utilizing machine learning technologies, RiskGenius offers insurance policies on the basis of offers from more than one provider, offering easy comparison.

 

• Shift Technology is used to detect fraud attempts in the insurance industry. In addition to making use of big data and machine learning algorithms, it develops an artificial intelligence-based cyber security solution for the industry.