NZ Startup Looks to Disrupt Insurance Industry with AI

With its complex rules, fine print and lengthy processes, it’s little wonder that the $NZD1.85 trillion dollar insurance industry has a terrible reputation for trust and customer service. In a recent global survey from accounting firm E&Y, consumers ranked insurance below banks, car manufacturers, online shopping sites and supermarkets for trustworthiness. 

A newcomer to the field, Auckland based Digital Squad hopes to reverse that reputation by using Artificial Intelligence (AI) - more specifically  technology and behavioral science to create a faster and more transparent service.

The start-up, a collaboration of behavioural economist, Shane Chand, and AI and cryptography specialist, Anvesh Katuri,  set out to create algorithms that make it easy and quick to sign up and approve claims – in minutes rather than days.

"AI-SURE will use Machine learning to eventually handle the entire claims process  – from triage, through fraud mitigation and down to the actual payment by wire.A big challenge for AI-SURE will come when it faces a flurry of claims from a major natural disaster such as the Christchurch quakes" Shane said.

"Whilst till in testing phrase and far from deployment, the software is looking very promising so far" he added.

U.S based venture capitalist and billionaire Mark Cuban predicted recently that the world's first trillionaires will actually be entrepreneurs working with artificial intelligence.