Verisk InsurTech
Verisk Artificial Intelligence and Automation
Technology
Data
Expertise
Vai Directory
Rely on Vai
Never UnsurTech. Always the Right Tech.
What is “UnsurTech?”
What is “UnsurTech?”
Buzzwords, vaporware, and empty promises. All too often, “InsurTech” turns out to be overhyped technological possibilities that businesses are justifiably hesitant to invest in.
The innovations UnsurTech promises are sweeping, but the realities are underwhelming. The few “disruptive” solutions that have survived the market only fulfill niche services, are incompatible with the tech businesses have already invested in, or are unrealistically difficult to implement.
Vai’s record of genuine, implementable InsurTech innovations.
Vai’s record of genuine, implementable InsurTech innovations.
Vai’s innovations aren’t promises—they’re living, working technologies performing heavy lifting for companies all over the world. The people and businesses Vai technology has elevated are well documented. The products and services its AI and automating capabilities are supporting are entirely established. And Vai gets smarter, more powerful, and more helpful every single day.
Which is why for sure tech, you should rely on Vai.
For Sure Tech: A snapshot.
- Integrates with the tools and ecosystem businesses have already invested in
- Compatible with and supported by the data sets that power our industry
- Long history of confident, proven success helping a wide range of businesses
Vai technology focuses on delivering the "right-touch" of AI and human interaction.
The Three Essential Components of Successful AI
AI solutions you can trust have three essential components:
Technology
Data
Expertise
You should not implement artificial intelligence technology until you are absolutely certain you can trust it to treat your customers as well as you or your best people would.
- Mark Anquillare, Verisk COO
Vai Technology
Verisk artificial intelligence and automation—known as Vai—is using artificial intelligence to dramatically transform the insurance industry. Some of the AI disciplines used to develop Vai technology include:
Natural Language Processing
Natural language processing gives machines the ability to talk to and understand humans. You use natural language processing when your talk to your phone or home virtual assistant. Vai uses natural language processing to work with humans to quickly quote a cost to insure a structure and to calculate the cost on of repair.
Computer Vision
Computer vision gives machines the ability to “see” images in much the same way as humans do—and then see even more. For example, Vai can scan images of a home to identify materials and objects, take measurements, note damage, and much more.
Machine Learning
Machine learning is artificial intelligence that learns and improves—without being told to do so by lines of code. In addition to brilliant programming, machine learning requires an accurate source of data to learn from.
For example, Vai machine learning processes many terabytes of aerial images each month and categorizes roof and exterior building materials, roof and exterior plans, and much more.
The high quality of the aerial imagery allows Vai to make more accurate measurements and to more accurately assess and identify materials and other items in the photos.
Neural Networks
Natural language processing gives machines the ability to talk to and understand humans. You use natural language processing when your talk to your phone or home virtual assistant. Vai uses natural language processing to work with humans to quickly quote a cost to insure a structure and to calculate the cost on of repair.
Vai Data
Artificial intelligence starts with technology, but AI cannot learn or evolve without data. Since data can teach wrong lessons just as easily as it teaches right ones, it’s vital that data sources accurately reflect the things we want AI to learn.
Verisk datasets range from aerial imagery and data for structures to huge underwriting and claims datasets. Altogether Verisk offers 14 petabytes of data that provides Vai with the incredible amount of detail needed to learn and grow.
Vai Expertise
You can’t bring AI online by flipping a switch. AI begins as high-powered, intelligent components inside your existing workflows that solve your most pressing problems.
Then your AI gets better and better, learns how to do new things, and moves on to solve new problems. How and where to start using AI requires deep expertise in the insurance workflow, the solutions you now use, where AI will be most effective, how to get it started, and how to effectively grow and refine the way AI is used. Verisk uniquely brings unmatched expertise in both insurance and AI technology.
Technology
Changing the insurance industry with smart InsurTech solutions
Twenty percent of claims closed in two minutes or less?
Vai solutions automate many common tasks and remove much of the tedious work from many others. This means a growing percentage of your claims can be closed in two minutes or less. And that percentage will continue to grow. As Vai delivers enormous time savings, it also improves the quality of the information used to make important decisions.
Bindable quotes in two minutes with just a name, address, and birthday?
Vai technology offers the potential for significant improvements in a wide range of processes such as bindable quotes in two minutes or less with just a name, address and birthday. At the same time, Vai offers significant improvements in the information and logic used to make those quotes, so your initial quotes are your final quotes.
Here’s an example of Vai at work on a small fence claim
Where do I find Vai?
Look for the seal
As Verisk adds Vai technology into its existing products and services, you will see the Vai seal. In digital formats, you’ll be able to click or tap the seal to learn more about the Verisk AI and automation in the solution.
What Vai technology is Verisk working on?
Data
Data is the essential raw material of AI and automation
Perhaps no industry depends on information more than the insurance industry. Data is critical at every stage, from underwriting to claims. The quality of this data is especially essential for effective AI.
A recent survey found that 84 percent of CEOs are concerned about the quality of data they use to make decisions. AI needs data that teaches the right lessons, so it can reach the correct conclusions. And it needs lots of information.
Verisk connects you to over 14 petabytes of insurance data. This includes vast data on claims, fraud, property characteristics, driving behavior, and detailed geospatial imagery of structures across North America. And Verisk is constantly refining, updating, and adding data.
Like human intelligence, artificial intelligence needs data to learn.
A recent survey found that 84 percent of CEOs are concerned
about the quality of data they use to make decisions.
AI powered by Verisk data
Here are a few examples of how AI is being powered by Verisk data:
Data for Material Identification
The appearance of a wood shingle roof can vary dramatically over its life. The color will change from tan, brown, and light yellows (and even some red and dark green) to light and deep grays that range to almost black. And wood shingles are sometimes stained.
The texture also changes significantly with time and the roof may have snow, leaves, moss, and other debris on it. Other types of roof covering try to mimic the look of wood shingles.
For AI to correctly identify a wood-shingle roof from photos, it takes hundreds and thousands of actual photos taken in all sorts of conditions. Identifying wood-shingle damage takes many hundreds of thousands more.
Claims Data
AI needs access to huge amounts of actual claims to help it learn what is and isn’t a meritorious claim.
For example, fraudsters may be tempted to test their image-manipulation skills against Vai technology. If they do, they’ll find Vai is much better at identifying a fraudulent image than your average Internet user.
In the photo above, Vai noted the photo was not the right size and format for the Sony camera it was taken on and the GPS coordinates of the photo are thousands of miles away from where the insured said the loss occurred. Vai discovered pixel manipulation around the broken glass area, and found the original, undoctored photo in several places on the Internet.
The Internet of Things (IoT) Data
The Internet of Things (IoT) is sending vast amounts of information from connected devices throughout homes and businesses. Verisk is the leading repository for IoT information that AI can use to not only identify issues, but to predict and prevent them.
Vehicle Data
With data from millions of cars and billions of trip miles, the Verisk Data Exchange provides AI with data needed to help personal and commercial lines insurers achieve more accurate rating, proactive loss-mitigation services, and faster first notice of loss.
Expertise
The expertise you need to integrate new tech with the wide range of systems you use today
Verisk professionals have integrated thousands of systems with new technology. This includes implementing new systems and upgrading systems with new features, including AI and automation. We are experts at the complex business of operationalizing all types of tech and consulting on how to blend InsurTech into existing workflows.
Smart Objects
Verisk’ Vai technology includes AI components called Smart Objects that are designed to easily plug into to existing workflows and provide essential AI services. For example, Verisk provides several fraud-fighting AI components that significantly improve an insurer’s ability to identify potential property, auto, and medical fraud.
Smart objects provide essential AI solutions for your in-house AI and analytics teams.
Smart Features
Insurers looking for a turn-key set of Vai technology solutions can deploy Verisk Smart Features. For example, the Verisk Fraud Score Smart Feature looks at a range of data to provide a fraud score. This solution looks at court records, loss frequency, timing of the loss, foreclosure records, the facts of the claim, information about the client, the data the client provided, and more to help insurers spot and stop potential fraud.
ISO ClaimSearch is highly effective at helping fraud fighters identify potential fraud
ISO ClaimSearch is highly effective at helping fraud fighters identify potential fraud
The Claims Alert dashboard uses Vai technology behind the scenes to analyze each file. The Claims Alert dashboard solves that problem with Vai technology that works behind the scenes to analyze the file. If the claim appears meritorious, a green indicator appears. If there is information that should be reviewed, a yellow alert appears, and if there is serious indicator of potential fraud a red alert appears.
Startups get started faster, with Verisk
Launching an InsurTech startup? Start now with Verisk insurance consulting.
Start with a solid foundation: Verisk’s standardized insurance policy language, endorsements, and advisory loss costs are already filed and approved for use1, so they’re ready for you off-the-shelf. We keep our eye on the evolving legal, regulatory, judicial, and market landscape to keep these programs current—you keep yours on launching your business.
Our people + your people: You bring the disruption, we’ll bring the actuaries. And the coverage experts. And the regulatory and compliance staff. And the predictive modelers and data scientists. And key strategic collaborators. Our talent can help go-to-markets go smoothly.
You bring the questions... What’s the replacement cost on that property? Is this auto applicant a good risk? How quickly can I provide an accurate quote? Do I truly understand the risk exposures I’m underwriting? How’s my business performing against the competition?
…We’ll bring the solutions: Deep and detailed risk and benchmarking data delivered digitally, without delay.
Let’s get started. Contact us today.
Learn more about Verisk insurance consulting.
1. Where applicable