9 Insurance Startups Improving Underwriting
Summary
With $14 million in funding, this startup has developed a service for property insurers combining machine learning with computer vision and geospatial imagery to do things like analyzing roofs of houses for material type, condition, and building footprint. Praedicat’s algorithms mine literature (22 million peer-reviewed journals as an example) to extract dynamic metadata about bodily harm such as that which is attributed to nanomaterials, benzene, mobile phones, and other materials. The technology even provides leverage to re-engage with and offer better coverage for customers because the system sends out real-time alerts on significant events in a client’s life like marriage, childbirth, job change or home purchase. Developed from the minds of particle physicists, the end-to-end deep learning framework crunches structured and unstructured data with applications in underwriting, compliance, fraud, leakage or credit risks detection: Their team of PHDs is an accomplished and rather interesting lot with some strange hobbies and some real bright ideas. Founded in 2016, Atidot, is a startup based in Israel with an undisclosed amount of funding that focuses on applying predictive analytics and machine learning to life insurance, a space where they claim 80% of data isn’t being used strategically.
