Type to search

Mime Stories Startup News Startups

AI Helps Insurance Companies Measure Premium & Sum Assured

AI Helps Insurance Companies Measure Premium & Sum Assured

Insurtech startup Qoala and a company in the field of software as a services (SaaS) Kata.ai revealed the potential of artificial intelligence (AI) in supporting the Indonesian insurance industry. One of them is to measure the premium and sum insured.

Qoala VP Marketing Cliff Sutantijo said insurance companies in many countries that have adopted AI first. He gave an example, artificial intelligence was embedded in facial recognition technology to determine a person’s smoking level.

“The higher the level of smoking habits, the greater the health insurance premium,” said Cliff during a discussion entitled ‘Help Conversations Turned Into Conversions’ quoted in a press release, yesterday (11/8).

AI Helps Insurance Companies Measure Premium & Sum Assured

Premium is an amount of money that must be paid by the customer at a certain time based on an insurance policy. While the sum insured is the money that must be paid by the insurance company, if the policyholder submits a claim for the guaranteed risk.

Qoala has also applied AI technology to process smart phone insurance claims (smartphones). If the cellphone is damaged, the customer can send a video of the condition of the device. Furthermore, the AI-based system will read the video. Cliff claims, AI is able to issue the results of an analysis of whether the smartphone is damaged and is worth claiming in just a few minutes.

In line with this function, Qoala supports the development of AI in the country. “Especially for insurtech, we hope AI can change people’s perception that insurance is important to protect us from unwanted things,” he said.

Kata.ai co-founder and CEO Irzan Raditya added that AI can be used to improve customer experience in transacting insurance services. However, this technology can be applied from upstream to downstream or end to end services, to provide added value to consumers.

“It can be from someone buying an insurance policy until later feeling the benefits of the insurance,” said Irzan.

Dikti Kemendikbud Launched the AI ​​Research Consortium

The Directorate General of Higher Education, Ministry of Education and Culture (Kemendikbud) launched the Artificial Intelligence (AI) Research Consortium. This consortium aims to meet the needs of talents that are in line with the fourth industrial revolution.

“We built this consortium to prepare thousands of artificial intelligence talents needed by the development of this nation and country,” said Director General of Higher Education, Ministry of Education and Culture, Nizam, online, Wednesday (14/10).

AI Helps Insurance Companies Measure Premium & Sum Assured

It takes at least 250 thousand digital talents in the next five years to be absorbed into the industrial world to develop AI technology. This technology will become the basis for the nation’s competitiveness, among others in the fields of food, health, security, industry and manufacturing.

Digital talent, continued Nizam, is not only a national strategic need, but also the industrial world. Given this, the AI ​​Research Consortium is believed to be sustainable, because it comes from a bottom-up demand-driven.

Startup Kata.ai is also Involved in the National AI Strategic Formularization

Kata.ai participated in formulating the National Artificial Intelligence Strategy (National AI Strategic) initiated by the Ministry of Research and Technology. This project aims to develop superior human resources (HR) in the field of AI.

AI Helps Insurance Companies Measure Premium & Sum Assured

Irzan assessed that Indonesia should focus on applying AI in each industrial sector to support this national strategy. This step is considered to be able to increase Indonesia’s competitiveness in solving various problems in every sector, including insurance.

Previously, Minister of Research and Technology Bambang Brodjonegoro said the National Strategy for Artificial Intelligence would focus on improving the quality of public services and other strategic efforts that impact the wider community. This strategy is expected to be a guide for the government in implementing AI.

In its implementation, the ministry is collaborating with various parties, including Huawei. “Huawei is expected to contribute through technology and expertise in the fields of AI, cloud computing and 5G,” said Bambang, last April (29/4). The Ministry of Research and Technology also involved domestic unicorns and startups such as Tokopedia and Bukalapak in assessing this strategy.