The insurance industry, a cornerstone of economic stability in the modern age, is currently in the midst of a transformative paradigm shift. With its roots extending back to the dawn of capitalism, insurance has always been a necessity, providing a safety net for individuals and businesses alike. Yet, the traditional manual processes of insurance underwriting and claims management are poised to be redefined by the integration of artificial intelligence (AI) and Big Data.
Delaware-registered insurtech company, Owl.co, emerges at the forefront of this revolution, wielding its groundbreaking platform as a beacon of transparency and objectivity in an industry undergoing rapid transformation
Historically, insurers have relied on a triad of information sources when reviewing claims – claimant data, employer records, and medical information. This triad, while proven and dependable, has its limitations. Manual claims review is a time-consuming and resource-intensive process, where the challenge lies in separating eligible claims from ineligible ones. This critical task requires rigorous diligence and an unwavering consistency without introducing bias in the process, often impossible to accomplish with traditional manual processes.
Furthermore, recent years have seen the insurance industry under the microscope, facing increased scrutiny over alleged biases and discrimination in their risk assessment practices. Consumer advocates and regulatory bodies have questioned the industry’s reliance on factors such as ZIP codes and credit scores in setting rates and determining risk. These factors, they argue, can serve as indirect proxies for racial or socio-economic discrimination.
Harnessing AI and Big Data for Enhanced Transparency and Efficiency in Insurance
“There’s a growing demand for transformation in the insurance industry,” explains Sean Merat, the dynamic CEO and Co-Founder of Owl.co. “We need systems that offer a fairer, more equitable experience, reducing potential bias and significantly enhancing efficiency.”
To meet this need, Owl.co has introduced a new perspective to the traditional triad – a sprawling network of publicly available data. This additional perspective acts as a powerful resource sorting through 260 Million person records, 220 Million Company records, along with billions of publicly available data sources , providing a wealth of external evidence that can supplement the existing data sources to uncover information previously unavailable to insurers. By using its AI-powered platform, Owl.co is capable of efficiently scanning thousands of these data points, collating accurate and relevant evidence to surface and prioritize relevant insights and claimant activities so insurers can make faster decisions with more confidence at the right time.
Merat elaborates, “Owl.co isn’t a replacement for human judgment but rather an enhancer. We aim to deliver evidence-based insights that aid claims management teams in focusing on high-priority cases while improving efficiency and fairness.”
This innovative application of machine learning to insurance claims management shows promise in reducing not just the cost and time associated with claims review, but also the potential for bias. Rather than relying on a few controversial factors, insurers can now harness a wider array of data sources. This wealth of diverse data lends a new level of depth and nuance to risk assessment practices.
The transformative potential of this technology has not gone unnoticed by industry stalwarts. Despite being a startup, Owl.co has already garnered the attention of top insurers across North America. Their dedication to privacy, reflected in their ‘Privacy First’ policy, has been key to their success, earning them the trust of their partners. After an impressive coverage of the North American market in a relatively short time, Owl.co introduced Owl Nest, calling it the fastest growing claimant network. By becoming an Owl.co customer, insurers can harness industry best practices at their fingertips, and benchmark key metrics in real-time – all powered by AI that is constantly learning from every claim decision across the entire network.
The early success of Owl.co and platforms like it marks the beginning of a significant shift in the insurance landscape. While the delicate balance between maintaining fairness and managing risk remains, the potential of AI and big data to improve transparency and efficiency is becoming increasingly clear.
Follow me on or . Check out my or some of my other work .
The WEBFI algorithm actively curates and presents current news from the Internet, delivering it in both written and video formats on our platform. Unlike many other news sources, WEBFI Network - News Balance Security is committed to a user-friendly experience. We refrain from displaying advertising within our content, avoid any redirects to external sites, and meticulously filter out any graphic content deemed unsafe, sensitive, or private. Our primary goal is to provide visitors with a distraction-free and secure environment, ensuring they receive the news they seek.
Importantly, WEBFI Network does not collect any personal information from our visitors, and we do not engage in newsletter subscriptions. We take pride in remaining entirely advertiser-free, thanks to the support of our contributors and our dedicated hosting service partners. It's crucial to note that the opinions and content presented on our platform do not necessarily align with WEBFI NETWORK's opinion, philosophy, or vision. We strongly uphold the principle of freedom of speech, welcoming a diverse range of perspectives and ideas.
🌐 Discover News Balance 🇺🇲 - Your Round-the-Clock Source for Unbiased News!
Experience a continuous stream of comprehensive, unbiased news coverage 24/7/365 with News Balance 🇺🇲. Our carefully curated playlist ⏯ delivers a harmonious blend of national and global politics, cutting-edge tech updates, weather forecasts, noteworthy events, and captivating entertainment news.
The best part? No subscriptions, registrations, or downloads required. Enjoy an ad-free news experience with News Balance 🇺🇲.
"Introducing Unstoppable Private WebFi Websites – Your Forever Digital Haven.
Experience a lifetime of ownership with WebFi – where your digital presence is a lifelong investment. Embark on your journey to own a private website for life.
Our private servers set the gold standard in security and performance, ensuring your website stays in top form. With our lifetime license, the days of fretting about hosting renewals are behind you.
Unlock your very own WebFi space granting you a perpetual haven for your projects, free from the burden of recurring payments. Your sole financial commitment? Domain annuities to your domain provider – nothing more!
Choose WebFi and own your digital future, secure, simple, and everlasting."LEARN MORE