Commentary/Opinion
iPhone 14’s crash detection goes off at Bonnaroo - Sfara
We’ve written two previous blogs about issues surrounding Apple’s crash detection service, which they introduced into their watches and the iPhone 14 last Fall. The issues stem mainly from the generation of false positive crash events.
Here is an excerpt:
Online and media sources are heavily reporting that the iPhone 14 is generating large numbers of false positive crash events (crashes that aren’t crashes). These detections are causing the phones to contact emergency response centers about non-existent emergencies, flooding already stressed dispatch and emergency services.
This was happening during the winter months on ski slopes, where skiers were simply skiing, but their routine impacts were setting off Apple’s crash detection service.
We went on to write:
In a few months, the problem will move from the ski slopes to golf courses (golf carts) or amusement parks (roller coasters). Sooner or later, this will turn into a serious issue, as dispatchers in more varied locations get bogged down responding to non-emergencies.
Well, now that outdoor concert season has arrived, we’re seeing a new source of false positive detections, some in completely unexpected and, as of yet, inexplicable ways, such as what is happening at the mega music festival “Bonnaroo” in Tennessee.
This past weekend, police from the local area have reported receiving multiple false emergency calls from concert attendees, resulting in response confusion and overload. Although there is not yet a definitive reason, many suspect the false detections are a result of behavior in the mosh pit. We have to admit, we didn’t predict this one. In fact, we’re a bit baffled by it.
InsurTech/M&A/Finance💰/Collaboration
Insurtech VC Deals: Q1 2023 Lowest VC deal value for insurtechs since 2018
In its report for venture capital activity in the insurtech industry, analyst PitchBook reveals the industry-wide value of venture capital investment was down 9.9% quarter-over-quarter, despite an 8.5% rise in the number of deals struck compared to Q4 2022.
The investment landscape
While venture-capital deal value was at its lowest since 2018, this doesn’t necessarily reflect a wavering investment market. As more insurtech start-ups continue to populate the market, investors have been hedging their bets with smaller contributions in seed-funding rounds.
Insurance Quantified Acquires Groundspeed Analytics, Creating the Leading Underwriting Technology Provider to the Commercial P&C Industry
Insurance Quantified, a leading commercial P&C underwriting technology provider, today announced it has acquired Groundspeed Analytics, the market leader in ingestion and data solutions for the commercial P&C industry.
The combination strengthens Insurance Quantified's market leadership in underwriting technology and furthers its mission to maximize the value of data for commercial P&C insurers. Both companies have made great strides introducing technology that enables faster, more informed underwriting decisions. Together, the united technology capabilities, market success, and committed backing of Two Sigma creates an unparalleled underwriting technology partner for commercial P&C insurers.
Apixio and ClaimLogiq Merge to Create a Leading Connected Care Platform
Apixio, an artificial intelligence company that supports health plans and provider groups in their delivery of value-based care, announced today that it has completed its merger with ClaimLogiq, a healthcare technology business that delivers savings for health plans by reducing claim errors prior to payment. Together, the combined entity will be branded as Apixio.
The merger creates a leading healthcare data and analytics company powered by an advanced AI-driven platform that applies both clinical and financial data to minimize reimbursement inaccuracies, reduce total cost of care, and optimize the patient experience for health plans and provider groups. The merger is being supported by New Mountain Capital ("New Mountain”), a leading growth-oriented investment firm with more than $37 billion in assets under management. Eir Partners, ClaimLogiq’s first institutional investor, has backed ClaimLogiq since 2021 and will remain a significant minority investor in the combined company. The transaction closed on June 13th, 2023, and terms of the transaction were not disclosed.
[AM BEST TV] Insurtech Experts: Embedded Insurance
Insurtech Experts: Embedded Offerings Promote Better Understanding of the Role of Insurance
Attendees to the Insurtech Insights USA conference in New York City said embedding insurance in customers' buying flows brings insureds greater insight into their risk needs and solutions.
Arbol launches parametric reinsurance on RiskStream's blockchain platform
Yesterday insurtech Arbol and The Institutes RiskStream Collaborative announced that the dRe insurance solution had gone live on RiskStream’s blockchain platform. dRe uses smart contracts for reinsurance calculations on chain.
Arbol provides parametric insurance, which automatically pays out claims based on weather data and AI. One of its subsidiaries is a Lloyd’s coverholder, and it recently launched parametric offerings for the U.S. market underwritten by Beazley.
At launch the target for dRe is the automation of claims for severe weather events. When there’s a major storm, dClimate, a decentralized weather monitoring system spun off from Arbol, will register the event. Using the Chainlink blockchain oracle network, that data is fed into the smart contracts.
The whole point of parametric insurance is to avoid a manual claims process. Based on the insurance wind speed, the smart contract will start a claim and the system automates the loss calculations and notifications.
“By leveraging blockchain technology and smart contracts, we are fundamentally reshaping the landscape of parametric (re)insurance, ” said Sid Jha, Founder and CEO of Arbol. “It transforms how we manage severe storm catastrophe transactions by providing rapid, auditable, and reliable payouts.”
The solution uses RiskStream’s Canopy platform and technology from Kaleido.
We believe this is the second solution to go live on Canopy following the launch of Rapid X, its First Notice of Loss (FNOL) solution. RiskStream has demonstrated remarkable endurance in the face of numerous obstacles.
Five years ago, it looked like the insurance sector would be an early mover embracing blockchain. Given the extensive data sharing between insurance organizations, it seemed a logical fit. But that hasn’t worked out. Yet.
News
Aite-Novarica Group and RBR are now Datos Insights
Today, Aite-Novarica Group and RBR announce their rebranding as Datos Insights.
The companies, both global leaders in financial services technology research and data, merged in February 2022. The new brand represents an expanded vision for the combined company, which builds on their collective reach and resources. Together under the Datos Insights name, they will continue their journey with a new web presence and product enhancements to help clients achieve the greatest possible business impact.
“We are excited about the continued growth and evolution of the company,” said Kurt Reisenberg, CEO. “Our three heritage brands (Aite Group, Novarica, and RBR) each had a mission to help clients anticipate and respond to technology, market, and strategic changes.
Combined as Datos Insights, we are even closer to our goal of becoming the leading global provider of insights, data, and advisory services to the financial services, insurance, and retail technology industries. We believe our market knowledge, experience, and data, combined with a level of personal client engagement we don’t see elsewhere, make the Datos Insights proposition unbelievably compelling.”
Robotics in the Workplace Improves Safety: White Paper
Adding technology in the workplace can help injuries and deaths, especially in manufacturing, says a new white paper released by the National Safety Council.
“Robotics have long been deployed by organizations to improve operational efficiencies, but as companies increasingly look toward a more automated future, the many benefits this technology brings to workplace safety programs cannot be overlooked,” said Katherine Mendoza, senior director, workplace programs, NSC.
“Recent advancements in data science and artificial intelligence mean that robotic vehicles and arms aren’t just capable of augmenting complex, precise tasks alongside human workers, but in many instances can eliminate employees’ exposure to dangerous machinery and workplace hazards altogether,” she added.
In conjunction with its Work to Zero initiative, the new report identifies the five most common robot configurations available to employers — AMRs, Automated Guided Vehicles or AGVs, Articulated Robots, Humanoid Robots and Cobots — to assess their key benefits and applications.
The report highlighted several examples where the use of robots in the workplace can lead to safety improvements for workers. These include:
- Inspecting confined spaces and industrial facilities. Organizations in the construction, mining and logging industries may especially benefit from using wheeled AMRs to remove human workers from on-site hazards.
- Transporting parts, goods and materials. Used alongside sensors and computer vision, AMRs and AGVs can minimize the risk of human-machine collisions.
- Using robotic arms for precision cutting and welding, as well as the safe handling of toxic, high-temperature or explosive materials.
- Machine tending and parts repositioning by using robotic arms and AMRs to reduce risks associated with manual machine handling.
- Adopting robotic technology can also help employers mitigate the risk of workplace musculoskeletal disorders, prevent falls from heights and reduce worker muscle fatigue, the report found.
Despite the many benefits of robotics, several barriers to widespread adoption exist.
According to the report, “while recent advancements have reduced the price and increased the viability of robotics for common industrial applications, costs of implementation and ongoing maintenance may still be prohibitive for smaller industrial operations.”
Root has struggled since going public, with shares down more than 90%
Shares of Columbus-based Root more than doubled Wednesday on a report that the auto insurance company has received a takeover offer.
Root shares jumped 60% on Wednesday during the regular trading session and added another 36% in after-hours trading on a report in The Wall Street Journal that Embedded Insurance wants to buy the young auto insurance company.
Shares were trading below $6 when the story broke around 3 p.m. They closed at $9.62 during the regular session, then rose another $3.73 to $13.35 in after-hours trading.
Embedded Insurance has offered $19.34 a share for Root, the Wall Street Journal reported, citing people familiar with the situation. Such a deal would peg the value of the company at around $280 million.
When the company went public in October 2020, various reports estimated Root's value at around $6 billion.
The company sent Root's board a proposal on June 9 after trying to engage in talks since last July, the newspaper reported.
Root did not immediately return a call Wednesday from The Dispatch seeking comment.
AI in Insurance
AI Breakthrough Awards
AI Breakthrough Awards
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[Ed. Note: Highly Recommended] Generative AI in Insurance
Generative artificial intelligence (AI) is a type of artificial intelligence that is used to create or generate new content that was not previously available.
The process of generative AI involves the use of neural networks, which are computer systems designed to mimic the way the human brain operates. These algorithms are designed to learn from the data and improve over time, so the more data that is fed into the system, the better the results become.
I came across this great resource to learn the basics about what Generative AI is and and how it works. I would highly recommend you to go over the whole thing
Dogan Kaleli. CEO at Stere, Founder at Nion, Ex-Allianz, LinkedIn Creator
AI & Chatbots: The Insurance Industry's Right-Hand or Job-Stealing Menace?
AI is really shaking up our lives, insurance industry included! But let's not get bogged down with dry explanations of how AI and Chat GPT are doing this and that. Instead, let's focus on how we humans can use these technologies to our advantage! I was just at the #everywoman insurance forum, and there was a panel tackling the AI topic. So, I figured I'd jot down some thoughts on the matter and share them with you!
Have you heard of Chat-GPT? An AI-powered chatbot equipped with underwriting capabilities. Yeah, I know, I probably should not be defining it to you. I mean, people these days don't even ask "how are you?" anymore, it's more like "have you heard of Chat GPT?". It's everywhere! But seriously, if someone asks me that question one more time, I might just lose it. Chat-GPT is painted as this game-changer for insurance. But is it really?
During the event, the "Technology disrupting and transforming the sector" panel had us hyped to discuss AI and Chat-GPT's impact on the insurance sector (yes, we know how to have fun). With the speed of automating data collection and improved customer experience that comes with integrating chatbots providing personalised support, it's easy to promote all the benefits. But really, is it ALL sunshine and rainbows? Like everything in life, there's a yin and yang. Sure, Chat-GPT may help with things like automating data collection and whatnot. But are we overlooking the drawbacks to all of this?
There are three things in particular that it does well according to people: it’s fast, it processes information quickly and it brainstorms ideas in flash. But wait a minute, is being "fast" really a good thing? You can ruin your image fast. You can lose your job fast. Speed alone isn't enough. You need quality to go with it. Speedy chatbots don't guarantee quality output. They just throw words at you at a breakneck pace. During this panel discussion, someone in the audience asked the classic question that's haunting us all lately: "Will AI replace us?" We've all heard it a million times. But let's be real. If your bot is giving you primo ideas, you probably gave it primo inspiration. And if you already have primo inspiration, why sweat that a bot will steal your job?
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