Artificial Intelligence Is the New Face of Insurance

Sep 15, 2022 8:44:38 AM / by Mark Stender

Intellagents was recently mentioned in an article

Vancouver, Kelowna, Delta, BC - September 15, 2022 ( Newswire), a leading investor news resource covering technology and AI stocks releases a special report covering the growth in AI technology utilization in the insurance industry, featuring FatBrain AI (LZG International Inc.) (OTC: LZGI). AI technology utilization in insurance has been spurred partly by the changing work landscape caused by COVID 19 and businesses now adopting some form of remote work options as well as the general adoption of technology in the workplace and at home and how big data collection can work with AI to allow for more effective and customized insurance solutions.

A recent article from titled "Insurance 2030-The impact of AI on the future of insurance" discussed how AI technology is currently impacting the insurance landscape as "AI's underlying technologies are already being deployed in our businesses, homes, and vehicles, as well as on our person. The disruption from COVID-19 changed the timelines for the adoption of AI by significantly accelerating digitization for insurers. Virtually overnight, organizations had to adjust to accommodate remote workforces, expand their digital capabilities to support distribution, and upgrade their online channels. While most organizations likely didn't invest heavily in AI during the pandemic, the increased emphasis on digital technologies and a greater willingness to embrace change will put them in a better position to incorporate AI into their operations."

"AI and its related technologies will have a seismic impact on all aspects of the insurance industry, from distribution to underwriting and pricing to claims. Advanced technologies and data are already affecting distribution and underwriting, with policies being priced, purchased, and bound in near real time. An in-depth examination at what insurance may look like in 2030 highlights dramatic changes across the insurance value chain," the article continued.

FatBrain AI (LZG International Inc.) (OTC: LZGI), a  pioneer in powerful and easy-to-use artificial intelligence (AI) solutions for start-up and mid-market businesses (SMEs), recently acquired Intellagents, an innovative and trusted insurtech provider. The FatBrain and Intellagents combination empowers businesses, brokers and insurers to leverage Peer Intelligence technologies to optimize transactions, score risk, enhance productivity and simplify actionable insights for everyone across the insurance supply chain creating never-seen-before opportunities for growth.

"We are excited to welcome Intellagents into the FatBrain family," said Peter B. Ritz, co-founder and CEO of FatBrain. "Intellagents features powerful automation to advance dynamic peer intelligence networks, leveling the technology playing field currently only used by large industry leaders. We're setting a new standard for peer optimization in the insurance industry, and our innovations will unlock more value for many more businesses across the board."

Intellagents unifies an insurance-specific integration and API management platform with connectors to more than 80 insurance capabilities that can be quickly orchestrated into unique solutions. It enables insurers and brokers to rapidly realize improvements and efficiencies across multiple domains, including: client engagement; channel optimization; risk selection, pricing, and fraud mitigation; product speed to market; and "Book of Business'' acquisitions.

"We created a comprehensive ecosystem to harness the power of data and AI featuring a simple user experience - enabling our customers to rapidly innovate and grow," said Mark Stender, President and co-founder, Intellagents. "No single insurer, broker or software company can solve the challenges of the insurance industry alone. The industry-wide growth potential lies in a multi-faceted network of ecosystem members, all securely sharing dynamic learnings to continuously improve performance. The latest advances in AI accelerate the possibilities."

Intellagents is SOX, GDPR and HIPPA compliant and capable of passing any compliance exam from insurers.

"We've seen peer data turbo-charge the market in life insurance and annuities," said Shawn R. Carey, chief operating officer at FatBrain and co-founder, CTO-emeritus at iPipeline, a Roper Technologies, Inc. (NYSE: ROP) company. "Contributory peer insights powered by AI promise to accelerate growth beyond what we realized at iPipeline. With Intellagents ecosystem, team and technology we're starting on 3rd base."

"Our mission at FatBrain is to equip entrepreneurs and mid-market businesses with simple to use tools that will help them reclaim time, save money and boost their bottom lines," said Rajarshi Das, chief scientific officer at FatBrain. "Intellagents and FatBrain are united in this mission and eager to support the global community of business, brokers and insurers."

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Tags: Press, FatBrain AI

Mark Stender

Written by Mark Stender