MD talks Artificial Intelligence and insurance

MD talks Artificial Intelligence and insurance | Insurance Business Australia

MD talks Artificial Intelligence and insurance

“We’re a leading artificial intelligence (AI) platform that detects the earliest signals of high-impact events in real-time from publicly available sources, thus providing our enterprise and public sector clients around the world to know critical information first and mitigate risk.” Rod Moynihan told Insurance Business.

Moynihan is the managing director of Dataminr in Australia and New Zealand, a global real-time information discovery company that is pioneering what it sees as ground-breaking technology for detecting, classifying, and determining the significance of public information in real time. Moynihan recently gave an interview to Insurance Business to explain how the platform works and how it can aid insurers.

Using public information and data available from across the world, Dataminr’s AI platform finds, dissects and quantifies a large amount of data to make sense of potentially large impact events that can affect customers.

“It sorts through millions upon millions of publicly available data,” explained Moynihan. “It then can elevate and augment alerts based on components and content that is relevant to customers.”

In simple terms, one of the many benefits is the speed at which those utilising the platform can learn as much as possible about a disruptive event, almost before it takes hold. This gives them the best possible chance of responding to such an event, mitigating it as quickly as possible.

“In the simplest terms – it ingests data, synthesising that data through a culmination of processes,” said Moynihan. “Once that data is ingested, you are able to isolate the data that is most important and relevant.” This allows the user to make sense of it, model it and learn from it, and then rapidly mobilise the learned outcome to prepare for or mitigate a potential high-risk event.

So how can it be a specific help to insurance? The ability to respond and prepare for risks that could affect businesses is one important factor, but the high level of analysis, at such a speed, is what really allows insurers to be best placed to respond to any event that could impact their customers.

“AI in this field is going to be able to be adopted in many ways,” said Moynihan. The data the AI platform will be able to gain from the claims process, will be able to analyse and provide solutions faster and more rounded than, arguably, a human can.

And while AI is being used more now than it once was, if adopted even more the platform should provide insurers with a great way to ‘get ahead’ of the curve.

“I think all organisations are going to get earlier and greater visibility to relevant issues and events (by using AI),” said Moynihan. “There are real benefits to be had through automation and using AI as a framework to rapidly create better data sets and better visibility.”