InsurTech LIVE 2023: The future of AI with Meeri Savolainen
In the age of digitisation, AI is no longer just a buzzword, but rather a tool that is helping to shape the future of the insurance industry.
Meeri Savolainen, Founder and CEO at INZMO, speaks at InsurTech LIVE 2023 about the future of 'Artificial Insurance' and how it encapsulates AI-driven policy decisions and paints a vision of a deeply interconnected, predictive, and responsive insurance ecosystem. Her session explores the dimensions of this future, its promises and its challenges.
Ultimately, she seeks to highlight in her presentation how insurance companies can embrace the future of AI within insurance.
Defining Artificial Insurance
A former corporate lawyer with Ernst & Young, Savolainen had no previous experience of insurance before starting INZMO in 2016. Today, her business is backed by Swiss insurance giant, Helvetia and the company also experienced 300% growth in 2022.
Savolainen oversees the overall strategy for the business and is responsible for legal matters, company culture, marketing and financial affairs.
INZMO is a Berlin insurtech that is working to build the financial ecosystem to serve the European rental industry. It aims to own all of the financial services tenants and landlords need to avoid and reduce rental debts, with the goal of freeing up liquidity and offering more financial flexibility.
The company also focuses on B2B2C solutions and launched Germany’s first fully digital rental deposit guarantee service.
During her keynote, Savolainen explores the meaning of the term ‘artificial insurance’ and how AI can inform areas of the insurance industry. She also discusses traditional risk models and how these are essential within the insurance industry to maintain financial stability - but also how these models can be enhanced with AI.
Containing risk and combating fraud with AI
“AI significantly enhances our ability to understand risk,” she says.
From improved data analytics, to enhancing predictive analytics, Savolainen suggests that AI will help improve customer experiences for insurance companies. Using AI, companies can predict where risks could emerge from, as well as tailoring experiences to suit the customer and the individual business.
Ultimately, she encourages the need for insurance companies to have proactive AI strategies and risk management capabilities in place in order for them to succeed. She highlights how, via the seamless integration of AI, insurance businesses could achieve faster claims processing, greater customer insights and real-time risk assessments and fraud detection.
For the full keynote from Harrington, you can click on the video link above.
And, if you’re looking for more InsurTech LIVE content, you can find it on our website as more continues to roll out over the coming days.
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