Artificial intelligence, machine learning and big data are transforming the world of insurance. The tools that Russian insurers are already using were discussed at the session “Insurance algorithms - how AI, data and digital trace analysis change the industry”.

Thanks to the development of artificial intelligence technologies, insurance companies have the opportunity to segment consumers qualitatively, regulate company losses and minimize the likelihood of fraud. The forecast of outflow and growth of the number of clients, the correct assessment of risks, the analysis of behavioral patterns help to form the most personalized offers and insurance conditions. In many cases, it also helps to reduce the cost of services.

Acting General Director of Sberbank Insurance Dmitry Popov told how to regulate the losses of an insured individual “fully in digital form”. The client sends through the application a photo information about his loss, and immediately the settlement process starts. If there are no additional questions, everything comes to payment without paperwork.

“We have got how it really operates when we were working with a major natural disaster. During the flood in the Irkutsk region on the second day after the announcement of the emergency, we have already started paying customers. Without the digitalization of the process and its transfer to a mobile form, this would be impossible. It was not a one-time feat. We have already set a standard for further events of this kind, we know how to work them out at the level of quality that customers require now", said Dmitry Popov.

One of the main advantages of AI technology is to improve the quality of service and the formation of a new customer experience. Most of the losses are already regulated without a visit to the office, via email and social networks. Vladimir Tarasov, Vice President of the company, told about a successful case of Renaissance Insurance Group JSC.

“We recognize approximately 98-99% of the text from the client - both typewritten and handwritten. With photos, the story is more complicated. We were looking for partners who would help us master this technology, but have decided that it would be more interesting to do it ourselves. We do this in-house: we have learned to recognize the angles, all elements of the car - roof, doors, bumper. We recognize heavy and moderate damage from the photo, and we are training in minor ones. As a result, the loss is digitized, we have all the information. I remind you, it takes a few minutes for the client", - Vladimir Tarasov emphasized.

The introduction of machine learning and artificial intelligence affects the insurance industry not only from the inside, but also from the outside. For example, with the advent of unmanned vehicles, the human factor is excluded from the driving process, which will change the existing principles of policy formation. At the same time, experts predict an increase in the number of payments related to hacking programs, so cybersecurity will also directly affect the insurance product.

The session was also attended by Generali Russia & CIS Chairman Giorgio Kallegari, partner of the Investment and Capital Markets Department of KPMG in Russia and CIS Dmitry Dolgikh, Mafin CEO Alexei Timonin, Executive Director of Mango Insurance Company Viktor Lavrenko.