Auckland based digital marketing company Digital Squad has much grander ambitions: it wants to apply artificial intelligence to the insurance industry with the aim of “creating algorithms that make it easy and quick to sign up and approve claims – in minutes rather than days.”
Digital Squad describes itself as “[A] start-up, a collaboration of behavioural economist, Shane Chand, and AI and cryptography specialist, Anvesh Katuri.”
Chand said the proposed product, AI-SURE, would “use machine learning to eventually handle the entire claims process– from triage, through fraud mitigation and down to the actual payment by wire.” He added: "Whilst till in testing phrase and far from deployment, the software is looking very promising so far.”
Digital Squad quotes US based venture capitalist and billionaire Mark Cuban predicting that the world's first trillionaires will be entrepreneurs working with artificial intelligence, and it says the insurance industry is particularly ripe for AI-led disruption.
“With its complex rules, fine print and lengthy processes, it’s little wonder that the $1.85 trillion dollar insurance industry has a terrible reputation for trust and customer service. In a recent global survey from accounting firm E&Y, consumers ranked insurance below banks, car manufacturers, online shopping sites and supermarkets for trustworthiness.”