RiskGenius and Connecticut Insurance Commissioner Katharine L. Wade are pleased to announce that the Department is participating in a pilot program to test a web-based platform that applies machine learning to determine if it improves the regulatory reviews of insurance company filings and ultimately moves approved products more quickly to the market for greater consumer choice.
Hopefully, from the last post, it is apparent that there is a disconnect that exists in the commercial property underwriting world. There was certainly a lot of feedback from the first post over on Linkedin. For example, I loved this in depth response:
This blog post has been five years in the making. Five years ago, we started exploring how our company could help with policy wordings. Immediately, we started hearing from commercial property underwriters. Can you help us review broker-manuscripted policies, these underwriters asked.
I have been reading with envy as business to consumer (B2C) insurtechs have been posting their quarterly updates. We are a simple business to business (B2B) insurtech company. But then I got to thinking -- why can't we do the same? Keep reading for some updates and the best insurance innovation advice I heard in 2018 (so far).
Hi, I've missed you. RiskGenius has missed you. It's good to be back.
We didn't really go anywhere. The RiskGenius team just put it's head down and started doing the work. We worked on large deployments. We figured out how to scale supervised review. I went on a self-imposed insurtech conference hiatus. And we introduced our own proprietary machine learning platform (more on that below).
Something interesting is going on in the insurtech space that I thought I would point out.
It feels like insurtech is maturing.
I am on a plane to California typing this out. It's my second week in a row visiting San Francisco. I am not attending a conference. Instead, I will be presenting to an Insurance Company's Board and Executive Leadership for the second week in a row.
A recent article highlighted the fact that only 29 percent of businesses buy cyber insurance. Assuming this number should be higher (it should -- nearly all businesses rely on computers), I already knew one of the reasons why cyber policies are not being purchased.
I've been quiet the last month or so. There has been too much to learn.
We are learning from our customers.
We are learning from insurance policies.
And, we are learning from the machine learning algorithms.
Since so much has happened in the last six months, I thought I would highlight some of my favorite RiskGenius learnings.