Insurance executives are hearing everyday from analysts and management consultancies about the catalytic impact of InsureTech on their operating models, and imploring them to invest in potentially disruptive business models. Having seen this first hand, we decided to develop a set of solutions to affect this change with our clients.
The last several years have seen the continued prevalence of artificial intelligence in our lives: e-mail spam filters, tailored recommendations for purchases on Amazon, movie recommendations on Netflix, and iTunes music recommendations are examples of a few. But where are the applications of this proven technology in the Insurance space? Big firms with AI platforms are more interested in selling large AI licenses for sandboxes, and leaving the true innovation to the carriers themselves. This is a waste of time and capital for insurance companies, as they often don’t need the computing power that comes with such huge investments. They need practical solutions at reasonable levels of investment.
So if the big technology players won’t bring AI to insurance, who will? Often the investment profile and risk averse nature of business models of large players, technology or otherwise, don’t allow for the type of greenfield solutioning or compensation models the marketplace requires.
The leadership of Spraoi have brought together over four decades of insurance industry experience together with Silicon Valley technologists from Apple to develop practical AI applications for carriers. We have a business model that aligns our clients outcomes with our compensation. We have defined the models and are ready to work with you to implement solutions.
Now doesn’t that sound better than a simple recommendation or piece of advice?