Artificial Intelligence-real world applications

Facio Forecasts Coronavirus to Wipe $4 Trillion of Insurance Market


Facio on Thursday became one of the first companies to release research on how the coronavirus is affecting the insurance industry, saying it was cutting insurers sales for this quarter, which a month ago it had projected to be robust, with a dramatic increase in claims payouts. Appears that the spread of the deadly coronavirus epidemic has exposed the real vulnerabilities of the insurance industry – the lack of ability to serve its customers.

The Insurance Cloud maker, which recently exposed its self-learning algorithm service to successfully replacing all insurance systems, and the only insurance service solution that is not dependent on human resources, reported in a statement that it has started implementing a work-from-home plans to allow insurers to completely automate the insurance policy operations, without the need of its employees to leave their houses.

The reasonable possibility for a prolonged period, in the near future, of emergency employment, and the need of the continuity of business services in isolated environments, which will at the same time damage service to the customer and the residual damages, is expected to result in a rush for digital insurance solutions to affect the bottom line in 2020.

The advantage of digital companies such as Lemonade Insurance advantage in their lean operation model which is based on self-service empowered by artificial intelligence, with a 2,500 policy employee ratio, with a relatively good automation index, while keeping the ability to provide good service also in emergency time.

The coronavirus crisis means that insurers will have to cut expenses, to cover the losses, including reducing the human resources and investment in technology while at the same time improving their operational efficiency. Facio Insurance Cloud is the only provider to offer that at the moment.

Facio said that the demand for its services has skyrocketed since the outbreak, providing self-managed online insurance services remotely.

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