Boston Events

[Workshop] How to Open Up New Revenue Streams with AI in (Re)Insurance


Sep 15, 2017 – 9:00 AM

Boston, Massachusetts, United States
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WORKSHOP for Executives: How to Open Up New Revenue with AI in (Re)Insurance How will AI affect the $+3Trillion global Insurance market? Why ignoring AI will result in loss of market share or death? Fintech has challenged the financial industry, notably banking, payments, and lending. Is Insurance going to be safe from disruption? Far from that. With the current rise of Insurtech and the traditional insurance value chain dissolution, the need for Insurance companies to innovate is as urgent as ever.  Startups that use disruptive technologies such as AI are taking 30% market share from incumbents. Companies like Lemonade, Trov, or Metromile will continuously challenge the traditional industry players by offering alternative insurance solutions priced reasonably, and helping customers overcome complicated insurance policies. As the power of AI resides in removing intermediaries, there is a serious threat for Insurance firms to fade away.  On the other hand, by embracing rather than resisting the AI technology, big insurers will be able to generate new revenue channels, create opportunities for substantial savings, and respond to the competition.  Note: AI is not a silver bullet against all business problems. At this workshop, we’ll discuss limitations for AI adoption and discover specific use cases relevant for your company.  Who is invited to the workshop: Leaders and Executives from Insurance, Reinsurance and ILS business lines looking to understand either cost savings or new revenue generation models using AI.  Workshop Roadmap: 1. Identify top 7 industry changes & trends and learn what startups do to revolutionize the industry and take 30% market share from traditional players 2. Learn to recognize myths, as well as limitations and restrictions of AI for Insurance 3. See what your competition does to overcome challenges on the way to transformation and innovation 4. Understand the foundational AI use cases for Insurance 5. Define an AI-based insurance product or a business process that would benefit from AI 6. Evaluate foreseeable revenue and savings 7. Learn a unique methodology for building a sustainable competitive advantage with AI 8. Define action items and stages to launch a AI initiative About the Trainers: Andrei Yurkevich is CTO at Altoros. Andrei has grown the Altoros engineering professional services team from 0 to 250 specialists across seven development centers around the world. Currently, Andrei is growing the portfolio of experts performing implementation of digital transformation solutions. About Altoros: Altoros is a digital transformation consultancy focusing on helping insurers transform and build a sustainable competitive advantage when the industry is disrupted by startups and competitors that act as startups. More about our Insurance activities here:

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