Prestigious InsurTech100 List for 2023 Recognizes the Austrian AI Pioneer’s Contribution to Transforming Insurance Processes
Cortical.io today announced that they have been named to FinTech Global’s Sixth Edition of its prestigious InsurTech100 list for 2023. The ranking celebrates the groundbreaking tech companies that are developing solutions to the insurance industry’s most daunting challenges.
Over the last couple of years, insurance firms have faced an uphill battle to rapidly digitize their services and meet the evolving customer demands, nurturing a competitive landscape of Insurtech companies. This meant this year’s battle to earn a spot amongst the 100 InsurTech visionaries was intense. A select group of analysts and seasoned industry specialists sifted through a list of over 1,900 contenders presented by FinTech Global. The chosen few were acknowledged for their inventive technological applications either to solve a major industry challenge or to bolster efficiency throughout the insurance value chain.
“FinTech Global acknowledges for the second consecutive time Cortical.io’s role in revolutionizing document-centric processes within the insurance sector,” said Rainer Kegel, CEO of Cortical.io. “It’s incredibly gratifying to be recognized for our efforts in addressing a significant industry challenge, namely reducing the need for human intervention in the document review process. Our approach to intelligent document processing paves the way for insurers to explore a wealth of new opportunities, differentiating them from competitors in the digital transformation journey.”
Quoting group benefits is probably one of the most challenging insurance processes as it requires the analysis of many documents of variable types and structures. Cortical.io’s intelligent document processing solution extracts, interprets and classifies complex information found in terms and provisions and is for example able to detect the best plan matching a competitor’s policy. “Large insurance carriers employ hundreds of people to manually review policies before submitting a quote for group benefits,” said Kegel. “Our solutions help them prepare more accurate quotes faster, and consequently close more deals.”
Cortical.io’s Intelligent Document Processing (IDP) solutions leverage a unique approach to natural language understanding called Semantic Folding to reach unmatched levels of accuracy with unstructured text. Cortical.io’s solutions automatically search, extract and classify complex information from various documents such as insurance policies and emails with attachment, helping insurance companies eliminate quoting errors, improve customer response times and reduce labor intensive processes.
FinTech Global director Richard Sachar said, “The widespread availability of generative AI capabilities has opened the doors for even greater innovation within insurance. We’re entering a new wave of digitalization and insurance firms need to be prepared. The InsurTech100 will help top-level insurance executives in discerning the tech pioneers revolutionizing key areas like underwriting, pricing, distribution, and data analytics.”
Cortical.io delivers highly efficient AI-based solutions that help enterprises unlock the value of unstructured text by leveraging a game-changing approach to Natural Language Understanding (NLU). Cortical.io SemanticPro is an intelligent document processing solution that accurately extracts, analyzes and classifies information based on meaning and builds the basis for document workflow automation. With more than 10 years expertise in implementing NLU solutions in the enterprise, Cortical.io has demonstrated its ability to solve the challenges of language ambiguity and variability across many use cases and verticals for Fortune 500 companies.
Cortical.io has offices in the U.S. (New York and San Francisco) and Europe (Vienna).
Roadzen Secures Nasdaq Listing With $683 Million Equity Value
- Roadzen is expected to start trading on Nasdaq today under the tickers “RDZN” and “RDZNW” for its ordinary shares and warrants, respectively.
- Roadzen’s mission is to transform the insurance experience for drivers around the world by giving them lower premiums, on-road safety and seamless claims processing.
Roadzen, a global insurance technology company on a mission to transform global auto insurance powered by advanced AI, announced today that it has completed its previously announced business combination with Vahanna Tech Edge Acquisition I Corp., a special purpose acquisition company, which was approved at the extraordinary general meeting of Vahanna shareholders on August 25, 2023 (the “Business Combination”). The combined company will operate under the name Roadzen Inc., and its ordinary shares and warrants are expected to commence trading on Nasdaq today.
Built in India with a global vision, Roadzen has achieved a significant milestone by securing a pre-money equity value of $683 million. Roadzen is expected to make its debut on Nasdaq today, with its ordinary shares trading on the Nasdaq Global Market under the symbol “RDZN” and its warrants trading on the Nasdaq Capital Market under the symbol “RDZNW”. The Company will ring the closing bell at Nasdaq in New York City on September 22, 2023.
Roadzen is a leading provider of AI-powered insurance technology solutions that help insurers improve customer experience, reduce fraud, and make better underwriting decisions. The company’s solutions are used by over 90 enterprise customers including major global insurers, fleets and carmakers to provide superior customer experiences in the US, UK, Europe and India. Roadzen has strategically partnered with global automotive players, including Mercedes, Audi, Volvo-Eicher, Mitsubishi, Skoda, Seat, Renault, and Dacia, major insurers such as Axa, Societe Generale, and Arch, and fleet companies such as CJ Darcl. In addition to these collaborations, Roadzen serves an extensive customer base of over 2,600 smaller agents and fleets. These partnerships and the diverse customer portfolio provide Roadzen with substantial opportunities for upselling and cross selling its innovative products and services.
Roadzen has achieved a 5x revenue growth in the last 2 years, growing its revenues from $13.5 million in FY 2021 to $58.6 million (proforma) in FY 2023.
Roadzen expects the merger with Vahanna to provide Roadzen with the capital and resources it needs to accelerate its growth and expand its product offerings. The company plans to use the proceeds from the transaction to invest in AI research, expand its sales and marketing efforts, and make strategic acquisitions.
The combined company will continue to be led by Rohan Malhotra and the current Roadzen management team. The Company will be supported by a highly experienced board with extensive technology and capital markets experience.
Commenting on today’s announcement, Roadzen’s Founder and Chief Executive Officer, Rohan Malhotra, said, “Going public is a pivotal moment in Roadzen’s journey, yet it’s merely one milestone in our mission to deliver simpler, smarter and safer insurance to drivers globally. We’re incredibly excited about the transformative potential of AI in reshaping the $800 billion auto insurance market and are going to be unwavering in our focus to build Roadzen as the leader at the intersection of AI, mobility and insurance.”
Steve Carlson, Chairman of Roadzen, added, “Roadzen’s Nasdaq listing signifies our commitment to reshaping the auto insurance industry through advanced AI technology. Positioned at the forefront of the evolving landscape of connected, electrified, and autonomous mobility, we are poised to redefine in-vehicle experiences across identity, payments, logistics, and insurance.”
Vinode Ramgopal, Chairman of Vahanna’s sponsor, Vahanna LLC, added, “Roadzen is truly one of the rare insurtech platforms leveraging applied AI, telematics and computer vision to revolutionize the legacy auto insurance industry, which is plagued by rising costs and soaring premiums. In today’s inflationary environment, better underwriting and claims processing, coupled with lowering costs for insurers and ultimately consumers, provide a significant runway for Roadzen’s growth in the years ahead.”
The global automobile insurance market, valued at US$817 billion in 2022, is projected to grow rapidly at a robust CAGR of 7.1%. Roadzen, on the forefront of this evolving landscape, is positioned to redefine in-vehicle experiences, encompassing identity, payments, logistics, and insurance, amid a global shift towards connected, electrified, and autonomous mobility.
Roadzen is a leading insurance technology company on a mission to transform global auto insurance powered by advanced AI. Thousands of clients – from some of the world’s leading insurers, fleets and carmakers to small fleets, brokers and insurance agents – use Roadzen’s technology to build new products, sell insurance, process claims and improve road safety. Roadzen’s pioneering work in telematics and computer vision has earned recognition as a top AI innovator by publications such as Forbes, Fortune Magazine and Financial Express. Roadzen has 400 employees across 8 global offices in the U.S., India, U.K. and France.
Partnerships and new products launches among the recent trends in travel insurance market
The demand for travel insurance is surging significantly due to an increase in revenge travel activities during the post-pandemic era. Many countries lifted restrictions related to travel and tourism, and the travel industry is on the path to recovery after suffering considerably from the ban and restrictions during the Covid-19 pandemic. In addition to revenge travel, there are several other reasons for surging travel insurance demand. The loss of baggage, sickness, accident and other unforeseen circumstances lead people to avail travel insurance and free themselves from the financial burden that may follow.
Market players adopted various strategies such as partnerships and new product launches to cater to the travel insurance needs of travelers and raise their market stakes. Insurance providers are joining hands with other insurance providers to solve the existing issues and get benefited from each other’s expertise and offerings. Online insurance offerings are increasing day by day and the partnership strategy is aimed at providing a wide range of products under a single platform. Moreover, new products are launched to cater to the demands of international travelers. Moreover, technologies such as artificial intelligence (AI) are incorporated into online platforms to provide a seamless claim settlement experience and raise customer retention rates. The dynamics of the industry are changing, and the following are the trends taking place across the world.
Partnership is one of the major strategies adopted by travel insurance policy providers and insurance platforms. The major reason behind adopting this strategy is to reach a wide audience and increase the market stake. Insurtech firms, which imply insurance technology firms, are also joining hands with various insurance providers to provide different products through their online platforms. InsuranceDekho, one of the insurtech firms, partnered with HDFC Ergo, Care, Reliance General, Bajaj Allianz, ICICI Lombard, and others for providing travel insurance. The firm’s online platform offers travel insurance plans for nearly 198 countries. It offers coverage for family, student, individual, and corporate travelers.
The insurtech firm covers a wide range of requirements under insurance cover. The covers for flight delay, baggage loss, emergency medical expenses, passport loss, and others are provided for travelers. Ankit Agrawal, the Co-Founder and Chief Executive Officer at InsuranceDekho, highlighted that international travel activities are surging at 76%YoY during the post-pandemic era. This adoption is widening the market for travel insurance providers. This is the opportunity that the firm aims to tap into and expand its market share through partnerships with other companies. The firm also aims to provide one-stop solution for the travel insurance requirement of travelers on its online platform. Through diversified insurance options and a wide range of plans, market players are trying to capture the attention on their platform and fulfill the insurance needs of travelers.
The trend of partnership continues to gain momentum across the world as market players adopt various strategies to increase customer satisfaction and retention. Bimaplan, one of the insurtech startups, joined hands with zingbus, an intercity travel provider. Bimaplan will offer insurance policy as an additional benefit to users of zingbus through the integration of insurance plans into the existing products. This partnership provides benefits to both parties involved and solves existing issues. Through the integration of insurance plans into zingbus products, Bimaplan solved the issues related to technological and operational procedures of offering insurance policies to its travelers. On the other hand, Bimaplan will avail increased exposure for its policies on the platform of zingbus.
Bimaplan integrated its UNO platform into the platform of zingbus. It provides different types of coverage including travel accidental death, emergency medical cover, permanent total disablement, emergency medical evacuation cover, loss of baggage, and others. This integration will help zingbus in improving the customer experience and boosting the rate of retention. During the post-pandemic era, travel activities are increasing considerably and travel insurance is considered as an essential tool for protection against uncertainties. The partnership strategy will help in improving insurance adoption among travelers and raise the market stake. These strategies are positively impacting the travel insurance market. According to the report published by Next Move Strategy Consulting, the global travel insurance market generated USD 17.58 billion in 2021, and is expected to reach USD 58.93 billion by 2030.
The trend of launching new products also gains traction in the travel insurance industry as market players adopt different strategies to cater to evolving requirements of travelers. As many countries made it mandatory to avail travel insurance while applying for visa, market players launched international travel insurance products in the market. TIDLOR Insurance Broker, one of the leading insurance providers in Thailand, launched a new product for providing protection during travel activities across different destinations around the globe. Launched as “Travel Insurance for protective holiday,” the firm aims to offer coverage for sickness, accidents, deaths, and other conditions. The firm set the maximum coverage of nearly 5,000,000 baht. Moreover, the company offered protections against luggage loss and other asset losses along with delays in flights. The company aims to unburden the travelers by insuring them for their journeys as the healthcare costs in many countries are higher as compared to Thailand and other countries.
As the travel sector is booming post-pandemic, the adoption of travel insurance is increasing. Consequently, the claims of travel insurance due to loss of baggage, sickness, and other conditions are rising. To enable faster claim processing and offer a seamless experience to travelers, market players are launching artificial intelligence (AI)-enabled platforms. Liberty General Insurance launched AI-based automated claim processing platform. This platform requires minimal human intervention and deploys an algorithm based on AI. This platform enables different processes related to claim settlement processing such as standardized claim assessment, determining the accurate settlement amount, and others. This platform also addresses the queries of customers around the clock, and offers the facility of uploading documents, viewing claiming reports, and determining the status of settlement. The company highlighted that the platform launch is aimed at offering quicker, smarter, and more seamless experience of claim settlement experience than before. Such platforms are launched for improving customer experience and retention rates.
How AI is Transforming Insurtech
Technological advancements are continuing to transform the way we live, work, and get insurance. The insurance industry is being disrupted by tools designed to improve efficiency and accuracy; this evolution has been dubbed insurtech, and startups across the country and globe are implementing AI into their insurance coverage process.
One of the biggest benefits for utilizing artificial intelligence in the insurance sector is risk mitigation. Computers can scour through data to make more informed decisions in seconds.
Keeping reading to learn about how artificial intelligence is improving processes in the insurance industry.
What is Artificial Intelligence?
To understand how AI is transforming insurance it’s important to understand what artificial intelligence is and the many ways it can be beneficial in risk mitigation.
Artificial intelligence is a technology that helps computers solve problems and think rationally, similar to how humans make decisions. Computers can scour through tons of data to make a rational decision based on facts and critical thinking way faster than a human ever could.
Two of the most popular sectors of AI are deep learning and machine learning. Machine learning predicts outcomes and weighs risks by analyzing data to find trends and predict future outcomes. For example, a car insurance company could use data around specific age groups and genders to predict driving patterns.
Deep learning improves speed and efficiency by teaching computers to lead by example. Artificial neural networks help computers complete tasks that human workers would normally accomplish, allowing workers to focus on more high-level tasks and spend less time on repetitive ones.
Artificial Intelligence and Insurance
AIs main goal is to teach machines to make trusted, accurate decisions that are free from human error. This makes insurtech especially valuable to insurance companies who can save big by predicting outcomes and identifying risks.
Here are some of the ways insurtech companies are utilizing AI today:
- Automated underwriting
AI is improving speed and efficiency in consumer insurance through automated underwriting. This is speeding up the claims process by having customers file claims directly online rather than talking to an insurance agent. Users can submit photos of an accident and the automated underwriting software can assess damage cost instantly. Other features of automated underwriting include built-in claim tracking and reporting. SAAS software makes this possible, paper-less, and free from human error.
- Preventing Fraud and Blocking Hacking
Insurtech is also helping prevent insurance fraud. The FBI estimates that approximately $40 billion is stolen through insurance fraud each year, which in turn actually raises all customer rates while also impacting business costs. AI can track irregular customer behaviors and claims to identify fraud in real time. The technology can also help block hacking.
- Adding Personalization to Solutions
No two accidents are ever the same. Insurtech allows carriers and customers to personalize their solutions. If someone had a bad driving history but has since changed their behavior, they can request an AI tracking application to analyze their driving and then generate a rate based on current behavior. Safe drivers would be less risky to insure and be charged a lower rate.
- Offering 24/7 Accessibility for Customers
Another thing that artificial intelligence can provide is 24/7 access without having to employ 24/7 staff. Accidents can happen anytime but chat box software allows customers to get information (even at 3 a.m. on a Monday) without having to get an agent on the line. This allows insurance companies to provide around-the-clock value while saving big on staffing costs.
Artificial intelligence allows insurance companies to make faster, more informed decisions while also speeding up their processes, all to the benefit of the customer. Accurate risk mitigation ultimately gets customers more accurate rates and helps insurance companies save.
To learn about the startups that are utilizing AI to transform the insurance industry check out the infographic from The Zebra below!
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