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1、Page/2024 Plug and Play VenturesState of AI in the Insurance Industry2 0 2 5 Fo r e c a s t2025 Plug and Play VenturesPage/2024 Plug and Play Ventures2The Ultimate Innovation PlatformWe help you in every step of your innovation journey.Partnering with the largest organizations worldwide gives us a l

2、ine-of-sight to identify the main pain points affecting each industry.We then focus on sourcing the best startups that can solve the challenges of our partners.By collaborating with startups,corporations increase operational efficiencies,lower costs,find new product lines,and become more innovative

3、from the core.2025 Plug and Play VenturesOur insurance partnersWe connect the best technology startups to the worlds largest corporations92,000+Carefully-curated international startups in our network550+Partners30+Portfolio UnicornsWe are the trusted innovation partner by more than 60 insurersPlug a

4、nd PlayPage/PLUG AND PLAY PARTNERS GET FULL ACCESS CONTACT US TO VIEW THE FULL REPORT PNPTC.COM/JOIN3Partners&experts who participated in this reportPage/2024 Plug and Play Ventures41.Why Insurance is Embracing AI Today 2.Is the Industry Ready for AIs Enterprise Leap?3.AI in Insurance 3.1.Business I

5、mpact 3.2.Sales Enablement 3.3.Process Automation&Optimization 3.4.Risk Mitigation&Ecosystem Enablement 4.Takeaways5 11 16 17 20 24 27 30State of AI in the Insurance IndustryTable of Contents2025 Plug and Play VenturesFrancesco Carmisciano Ventures Analyst Andrs Diaz Ventures Associate Co-AuthorsPag

6、e/2024 Plug and Play Ventures1.Why Insurance is Embracing AI TodayPage/PLUG AND PLAY PARTNERS GET FULL ACCESS CONTACT US TO VIEW THE FULL REPORT PNPTC.COM/JOINTech developments can have real-time impact on large companies5/135/14A few minutes after OpenAIs GPT-4o demo of real-time translation capabi

7、lities,Duolingo stock fell 3.5%,wiping out$250M in market value.DUOLINGOS STOCK PRICE EVOLUTION DURING OPENAIS SPRING RELEASEDUOLINGO,INC.(DUOL)180185190RELEASE DATESource:X,20246Page/PLUG AND PLAY PARTNERS GET FULL ACCESS CONTACT US TO VIEW THE FULL REPORT PNPTC.COM/JOINLemonade Reaches 2M Active C

8、ustomers GloballyNov.08,2023Small Biz Insurer NEXT Insurance Raises$265MNov.1,2023Root Shrinks Net Loss to$6 MillionMay 1,2024NEXT Insurance Launches CopilotMar.28,2024Lemonade CEO:AI Drives Swift Claims and Surges ProfitsMay 1,2024NEXT Insurance Announces Revolutionary New Offering Generating Quote

9、s in SecondsMay 22,2024Tech-enabled insurers can quickly adopt&leverage the technologySource:SeekingAlpha,Coverager,WebProNews,NEXT,Crunchbase,PR Newswire7Page/PLUG AND PLAY PARTNERS GET FULL ACCESS CONTACT US TO VIEW THE FULL REPORT PNPTC.COM/JOINAI&ML have become a priority for enterprise technolo

10、gy leadersTOP TECHNOLOGY INVESTMENT CATEGORIES FOR ENTERPRISE TECHNOLOGY LEADERSAI/ML Toolchains&MLOps52%Gen AI&LLMsEnterprise SecurityEnterprise AppsData WarehousesCloud Infrastructure65%62%53%51%47%PERCENTAGE OF RESPONDENTSSource:Battery Ventures8The journey and relevance of the technology were ob

11、served,highlighting that AI was not a priority solely for technology companies;it attracted increasing interest from traditional enterprises as well.According to a report published by Battery Ventures,in Q3 23,Gen AI,LLMs,and AI/ML toolchains were recognized as top technology priorities by enterpris

12、e technology leaders interviewed.Page/PLUG AND PLAY PARTNERS GET FULL ACCESS CONTACT US TO VIEW THE FULL REPORT PNPTC.COM/JOINInsurers are reacting by doubling down on the technologyInformation&Technology84%Professional,Scientific,Technical ServiceFinancial Services&InsuranceManufacturingUS Average5

13、.3%4.85%4.07%3.86%3.33%2.94%3.26%2.86%1.93%1.69%AI JOB POSTINGS(%OF ALL JOB POSTINGS)IN THE US 2021 VS 202220222021NUMBER OF US INSURANCE COMPANIES DISCUSSING AI ON EARNINGS CALLS201931202020212022202332342637Source:S&P Global,Stanford University9Insurers are trying to attract AI-related talent.In f

14、act,when we compare it to other major industries,insurance,and the broader financial services sectors are among the industries that are trying to hire more AI talent as a percentage of total job postings.We also see increased interest from insurance carriers when we look at the number of companies m

15、entioning the technology in earnings calls.This reached the highest level in the US insurance industry in Q3 23,with 37 insurance companies mentioning AI during earnings calls.Page/PLUG AND PLAY PARTNERS GET FULL ACCESS CONTACT US TO VIEW THE FULL REPORT PNPTC.COM/JOINLike other industries,insurance

16、 has to mature in the near futureTechnologyAerospace&DefenseAverageInsuranceHealthcare30405060TravelConsumer Goods20242021MEDIAN AI MATURITY INDEX BY INDUSTRY 2021 VS 2024Source:InsurTech World,Accenture Research10Its important to note that while insurance companies are indeed interested in the pote

17、ntial of technologies like generative AI and LLMs,they will need to advance in AI infrastructure,talent acquisition,and management support as they move forward.Page/2024 Plug and Play Ventures2.Is the Insurance Industry Ready for AIs Enterprise Leap?Page/PLUG AND PLAY PARTNERS GET FULL ACCESS CONTAC

18、T US TO VIEW THE FULL REPORT PNPTC.COM/JOINAI comes with its own set of opportunities&obstacles12WHAT IS AI GOOD AT?24/7 AvailabilityUnbiased Decision-MakingAdvanced AnalyticsWHAT ARE THE CURRENT LIMITATIONS OF AI?Natural “Human Interfaces”Probabilistic Responses Resource IntensivenessTransparency&E

19、xplainability of OutputsHallucinations&Accuracy in OutputsEmotional Intelligence Page/PLUG AND PLAY PARTNERS GET FULL ACCESS CONTACT US TO VIEW THE FULL REPORT PNPTC.COM/JOINFirst,where in the AI stack should we look?PROSCONSFOUNDATION MODELSMIDDLEWAREAPPLICATIONResource IntensiveHard to Find Talent

20、Complex Infrastructure Continuous MaintenanceExpensiveVendor DependentLock-In EffectEnd-Point SolutionsLow InteroperabilityImmediate ImpactBusiness Case SpecificNot Resource IntensiveImproved ScalabilityAccelerated DevelopmentOffloading Model DevelopmentHigh Accuracy Tailor-MadeFull Data Control13Fo

21、undational models offer data security and output control,but require complex development and resources.Middleware provides infrastructure for faster development and scalability but comes with high costs and potential vendor lock-in.The application layer enables quick deployment and custom applicatio

22、ns but faces scaling and integration challenges.Page/PLUG AND PLAY PARTNERS GET FULL ACCESS CONTACT US TO VIEW THE FULL REPORT PNPTC.COM/JOINThese three pillars are needed for the successful deployment of AI14The Modern Data Stack is essential for enhancing AI output accuracy and quality by enabling

23、 the collection,processing,and delivery of high-quality data to AI models.Use data warehouses and lakehouses for data storage.Employ specialized databases like vector databases for Generative AI.Utilize real-time databases for advanced AI analytics.Implement unstructured data pipelines for LLM data

24、preparation.The MLOps/LLMOps infrastructure Stack which encompasses the technology for planning,designing,developing,and deploying production applications:Generative AI allows insurance companies to utilize various tools and methods to streamline processes and maximize application outputs.Leveraging

25、 models from Anthropic,Cohere,or OpenAI enables fine-tuning or using Retrieval Augmented Generation(RAG)for enhanced output quality and tailored solutions.Technologies from startups like OpenPipe,Humanloop,Gradient,Epsilla,and Vectara offer valuable tools and resources.This infrastructure is essenti

26、al for aligning models with specific business needs and contexts.AI Governance is an essential pillar for the responsible deployment of AI technologies.The key components include:Utilizing technology platforms and frameworks to manage AI systems.Ensuring compliance with regulations like the US AI Bi

27、ll of Rights and the EU AI Act.Incorporating corporate policies for safe and ethical AI deployment.Monitoring model behavior to align with regulatory and company standards.Modern Data StackMLOps/LLMOps Infrastructure StackAI Governance StackPage/AI infrastructure,governance,&data key for AI deployme

28、nt Plug and Play highlightsAI Data StackAI Governance StackMLOps/LLMOps Infrastructure StackAI InfrastructureFine-TuningHosted InferenceCompute Providers(GPUs)Foundational ModelsRAG&SML 15PLUG AND PLAY PARTNERS GET FULL ACCESS CONTACT US TO VIEW THE FULL REPORT PNPTC.COM/JOINPage/2024 Plug and Play

29、Ventures3.AI in InsurancePage/2024 Plug and Play VenturesBusiness ImpactPage/PLUG AND PLAY PARTNERS GET FULL ACCESS CONTACT US TO VIEW THE FULL REPORT PNPTC.COM/JOINIndustry executives recognize AI demand and impactSource:The Motley Fool,CCC Intelligent Solutions,Seeking Alpha,Seeking Alpha,Clover H

30、ealth,InsiderMonkey18Shai Wininger CEO&Co-Founder,Lemonade“Im happy to report that after years of technology-driven improvements in our claims automation and operations,with nearly 50%improvement in the last two years alone,we ended Q1 at an impressive 7.6%LAE ratio.This achievement was made possibl

31、e by the ongoing advancement of our Blender insurance operating system,which incorporates AI,machine learning,and other cutting-edge technologies to help our team become more efficient.”Lemonade,Q1 24 Earnings Call“We also saw strong demand and adoption of our AI-enabled solutions.For Estimate STP,f

32、or example,we continue to see progress across volume,adoption,and the number of clients testing,piloting,and rolling out.Other examples are CCC Subrogation,our suite of solutions that applies AI and workflow automation to both outbound and inbound subrogation,as well as Impact Dynamics.”CCC Intellig

33、ent Solutions,Q1 24 Earnings Call“The use of data and certainly the use of gen AI and AI in general will help us to become more sophisticated and more technically focused when it comes to pricing,claims,and risk assessment.And then,thirdly,we want to continue to enhance our operational excellence th

34、rough shoring,automation,and data and AI.”AXA Insurance,Q4 23 Earnings Call“Were putting technology and innovation at the core of the business.Were developing enterprise IT capabilities and key strategic partners,and generative AI and data capabilities alongside participation in Microsofts Copilot E

35、arly Access Program.Weve transformed the performance of Aviva over the last three years.We have grown quarter-on-quarter,year-on-year.And by operating more efficiently,we are turning that into improvements in profitability.”Aviva,Q4 23 Earnings Call“The advent of ML/AI has traditionally been focused

36、 on our CA platform,but I thoroughly believe in the transformative power of AI on core operational efficiency and SG&A improvement.As such,we are very focused within Clover on helping bring AI into our operations.Im talking about places where we can add to member delight while significantly reducing

37、 costs-for example,in the areas of customer service,care coordination,and claims processing.”Clover Health,Q1 24 Earnings Call“Generative AI continues to be top of mind for our clients and is a topic of much discussion in my conversations with industry executives.One very promising application that

38、Im seeing is the use of generative AI to gather and predigest massive amounts of information to organize and distill it for the insurance professional,improving and focusing their expertise,not replacing it.”Verisk Analytics,Q1 24 Earnings CallGithesh Ramamurthy CEO,CCC Intelligent SolutionsThomas B

39、uberl Group CEO,AXA InsuranceLee M.Shavel CEO,Verisk AnalyticsAndrew Toy CEO,Clover HealthAmanda Blanc CEO,AvivaPage/PLUG AND PLAY PARTNERS GET FULL ACCESS CONTACT US TO VIEW THE FULL REPORT PNPTC.COM/JOINAI can automate and optimize processes and make them more efficient,increasing overall producti

40、vity and saving costs.5.INTELLIGENT PROCESS OPTIMIZATIONAI agents can cross-sell and upsell insurance policies through digital channels by analyzing vast amounts of data and proposing tailored policies.2.INSURANCE CROSS-SELLING&UPSELLINGAI has incredible potential-heres where we see the most impact1

41、9AI-DRIVEN REVENUE INCREASE/GENERATIONAI can enhance insurance agents capabilities by streamlining tasks or processes and providing knowledge-enhancing tools like Gen AI copilots.1.INSURANCE SALES ENABLEMENT3.NEW RISK&PRODUCT CATEGORYAI comes with multiple risks that enterprises are aware of.AI insu

42、rance could be a risk mitigation tool to deploy AI confidently.AI-DRIVEN COST REDUCTIONAI can collect and analyze different data sources to predict and analyze risk profiles across different focus areas,such as natural catastrophes.4.UNDERWRITING&RISK ANALYTICS AI can enhance claims management capab

43、ilities across different focus areas,such as fraud analytics and detection,FNOL processing,etc.6.CLAIMS MANAGEMENTAI can enhance insurance risk mitigation efforts by providing capabilities that allow insurers to run processes with external stakeholders at scale.7.RISK MITIGATION&LOSS CONTROLPage/202

44、4 Plug and Play VenturesSales EnablementPage/PLUG AND PLAY PARTNERS GET FULL ACCESS CONTACT US TO VIEW THE FULL REPORT PNPTC.COM/JOINHere are the capabilities necessary to adopt new technology 21Data&Systems IntegrationsIn order to leverage the full potential of AI-powered solutions such as generati

45、ve AI copilots,insurers are required to have data and systems integration capabilities to allow these tools to automate or streamline processes such as data entry or document processing.Insurance Agent/Broker TrainingDeploying AI tools that address complex challenges,such as relevant coverage or cus

46、tomer information retrieval,requires specific training.Insurance agents and brokers will be able to leverage the full potential of these tools if they are trained to prompt Gen AI-powered copilots and AI sales enablement tools properly.Carrier Agency/Broker IntegrationsAI-powered tools may require a

47、 set of carrier agency/broker system integrations to be functional.Examples include quote generation and document processing in the context of activities ranging from policy administration(e.g.,automated account data modification)to claims management(e.g.,document data processing).Page/PLUG AND PLAY

48、 PARTNERS GET FULL ACCESS CONTACT US TO VIEW THE FULL REPORT PNPTC.COM/JOINAI enhances the productivity of agents and brokers22FOUNDED:2019 MONEY RAISED:$20M INVESTORS:STAGEONE VENTURES,SIGNALS VENTURE CAPITAL HQ:TEL AVIV,ISRAELSecond Nature has deep experience with insurance companies,including lar

49、ge providers,and AI curriculum creation.Thanks to its architecture and design,it is trusted by Fortune 100 companies,offering top-tier security,privacy,and scalability.Moreover,Second Nature allows for the effortless creation of complex role-play scenarios at scale and lifelike training,boosting age

50、nt engagement and performance.Second Nature generates AI-powered scorecards and feedback tailored to any process.TECHNOLOGY&COMPETITIVE ADVANTAGEDESCRIPTIONTECHNOLOGY&COMPETITIVE ADVANTAGEWriters platform transforms work by embedding AI into any business process and making it available everywhere pe

51、ople work.Writer pairs Writer-built LLMs with Knowledge Graph,which integrates with business data sources,to deliver high-quality outputs and insights.Writer enforces the guardrails so work is compliant,accurate,inclusive,and on-brand,whether the people or AI creates it.The flexible application laye

52、r of chat interfaces,prebuilt templates,and composable UI options can be customized for use cases across every function.Writer combines proprietary LLM technology(Palmyra LLMs),Knowledge Graphs,and AI guardrails to allow enterprises to deploy various AI applications.Thanks to its technology and appr

53、oach,Writer ensures that customers can deploy Generative AI applications that ensure security and compliance with relevant regulations and corporate policies.Moreover,thanks to this approach,customers adopting Writer can deploy Generative AI applications that provide accurate,high-quality outputs al

54、igned with the customers business and corporate context.FOUNDED:2020 MONEY RAISED:$126M INVESTORS:INSIGHT PARTNERS,ICONIQ GROWTH,UPFRONT VENTURES HQ:SAN FRANCISCO,USDESCRIPTIONSecond Nature provides a role play simulation platform for Sales,Service,and HR,utilizing advanced NLP and GenAI models.It f

55、eatures a large-scale,low-latency voice dialogue system that supports thousands of concurrent sessions.Their Learning Management System(LMS)enhances the experience with course creation,user management,reporting,quizzes,and integration with enterprise systems,allowing for seamless simulation creation

56、 and real-time feedback.Page/PLUG AND PLAY PARTNERS GET FULL ACCESS CONTACT US TO VIEW THE FULL REPORT PNPTC.COM/JOINAugmenting insurance agents through gen-AI solutions23FOUNDED:2021 MONEY RAISED:$1.9M INVESTORS:MARKD VC,AFTERWORK VENTURES,EVERYWHERE VENTURES HQ:NEW YORK,USIndemn couples the potenc

57、y of GPT technology with a set of proprietary tools specifically designed for insurance distribution.Thanks to this technology and approach,Indemn allows insurers to streamline the distribution process(e.g.,AI-based recommendations provided to potential customers)and enhances insurance agents produc

58、tivity and capabilities with features ranging from real-time handoff of conversations to embedded native quotes and payment options.Zelros is an insurtech startup that develops an AI platform specialized to the insurance industry “The Insurance Copilot.”Thanks to its Gen AI-powered copilot,Zelros pr

59、ovides insurance agents with risk and customer analytics to define target audiences,ML and Gen AI-powered tailored recommendations and insights,and personalized engagement through omnichannel campaigns.“The Insurance Copilot”empowers agents with more product and risk expertise and helps them to bett

60、er serve and protect their customers.Zelros leverages structured data sources(e.g.,first-party data,claims system,etc.),unstructured data sources(e.g.,PDFs,emails,etc.),and Generative AI to provide insurers with workflow,process automation,and agent enablement capabilities.Insurers adopting Zelros t

61、o power distribution have seen a 30%uplift in cross-selling of insurance policies,a 15%average agents productivity gain,and 3x faster upskilling/onboarding of new insurance agents.FOUNDED:2016 MONEY RAISED:$16M INVESTORS:BENHAMOU GLOBAL VENTURES,HI INOV,42CAP,ASTORYA.VC HQ:PARIS,FRANCEIndemn is an A

62、I-powered platform that allows insurers to deploy a wide array of conversational AI use cases.With Indemn,insurers can use GPT-based virtual assistants for self-driven insurance sales over digital channels,and they can unlock agent productivity with a GPT-based Copilot designed explicitly for the in

63、surance industry.Furthermore,insurers can unlock additional distribution channels thanks to the strategic pieces and modules powered by Indemn,which allow them to distribute insurance via Affinity and Embedded channels.TECHNOLOGY&COMPETITIVE ADVANTAGEDESCRIPTIONTECHNOLOGY&COMPETITIVE ADVANTAGEDESCRI

64、PTIONPage/2024 Plug and Play VenturesProcess Automation&OptimizationPage/PLUG AND PLAY PARTNERS GET FULL ACCESS CONTACT US TO VIEW THE FULL REPORT PNPTC.COM/JOINHere are the capabilities necessary to adopt new technology 25AI Monitoring,Observability,&ComplianceAI-powered automation enhances the ins

65、urers operational efficiency as it allows to increase productivity and/or decrease costs.Still,insurers need to make sure that these tools operate in a compliant way.Furthermore,the insurer needs to be able to interpret and control outputs.Business Strategy OptimizationThe vast majority of AI-driven

66、 automation or process optimisation tools target manual and/or time-consuming tasks.If the insurer adopts successfully one of these tools,this will potentially free up a significant share of employees time.The insurer has to decide where to dedicate that time and optimise its strategy accordingly.Pr

67、ocess Mining&Discovery CapabilitiesAI-powered tools may require a set of carrier-agency/brokers system integrations in order to be functional.Examples include quote generation,document processing in the context of activities ranging from policy administration(e.g.automated account data modification)

68、to claims management(e.g.document data processing).Page/PLUG AND PLAY PARTNERS GET FULL ACCESS CONTACT US TO VIEW THE FULL REPORT PNPTC.COM/JOINOperational efficiency achieved through multi-pronged approaches 26FOUNDED:2017 MONEY RAISED:$11.4M INVESTORS:BREEGA,MERCIA ASSET MANAGEMENT HQ:LONDON,UKSen

69、d combines proprietary AI technology,native integrations and a modular design to provide insurance companies with a unified underwriting platform.Thanks to the technology and Sends approach,insurers can streamline and optimise the underwriting process.Underwriters can access all the relevant informa

70、tion and digital workflows from one single platform enhancing the underwriters capabilities and overall productivity.Forethought transforms the customer experience by infusing human-centered AI at each stage of the customer support journey:solving common cases instantly,predicting and prioritizing t

71、ickets,and assisting agents with relevant knowledge all from one platform.Forethought offers insurers the possibility to solve simple cases automatically,empowers customers to self-serve,triage more complex customer tickets and assist agents with relevant details needed for solving the specific cust

72、omer case.Forethought leverages proprietary data,third-party data(e.g.enterprise data),Generative AI,and native integrations to enhance insurance companies customer service capabilities and productivity.Thanks to this approach,Forethought enables insurance companies to automate simple customer servi

73、ce cases with accurate and high-quality outputs,freeing up time for human agents to solve more complex cases.This approach elevates the overall customer experience and the insurers ability to serve customers at scale.FOUNDED:2017 MONEY RAISED:$92.0M INVESTORS:NEW ENTERPRISE ASSOCIATES,STEADFAST FINA

74、NCIAL,K9 VENTURES HQ:SAN FRANCISCO,USSend helps commercial insurers streamline operations,drive savings and work smarter with an AI-enriched Underwriting Workbench.The solution is a one-stop desktop for commercial underwriters-a single platform for managing new business,renewals and endorsements.Spe

75、cifically,Sends platform offers a wide array of solutions including agency management,bordereaux generation,contract management,cover holder management,document generation,integrated rating,underwriting dashboards,risk insights,and many more.TECHNOLOGY&COMPETITIVE ADVANTAGEDESCRIPTIONTECHNOLOGY&COMP

76、ETITIVE ADVANTAGEDESCRIPTIONPage/2024 Plug and Play VenturesRisk Mitigation&Ecosystem EnablementPage/PLUG AND PLAY PARTNERS GET FULL ACCESS CONTACT US TO VIEW THE FULL REPORT PNPTC.COM/JOINHere are the capabilities necessary to adopt new technology 28Risk Mitigation OptimizationAI systems will unloc

77、k new mitigation activities(e.g.risk mitigations actionable insights can be provided directly to the policyholder).Deploying these tools allow to reshape and rethink the overall risk mitigation strategy for further optimization.Rethinking Customer InteractionsAI systems will enable the insurance car

78、rier to interact with policyholders at scale to ramp up risk mitigation efforts.In this case,the insurer will have the opportunity to engage with policyholders more frequently.The insurer will have to optimise systems and strategy in place to make sure that these interactions are effective and effic

79、ient.System Interoperability at ScaleAI systems will facilitate ecosystem plays.(e.g.,insurer,telematics provider,repair network,or fleet owner).This situation requires the insurer to develop strong system integration and interoperability capabilities to leverage the benefits of AI platforms and inf

80、rastructure.Page/PLUG AND PLAY PARTNERS GET FULL ACCESS CONTACT US TO VIEW THE FULL REPORT PNPTC.COM/JOINBoosting ecosystem capabilities through technology29FOUNDED:2022 MONEY RAISED:UNDISCLOSED INVESTORS:UNDISCLOSED HQ:TRUCKEE,USFireBreak Risk combines advanced proprietary machine learning algorith

81、ms with proprietary and third-party data(e.g.,building inspection imagery)to provide the insurer with relevant wildfire risk insights related to a specific property.It also provides a platform for insurance underwriters and inspection professionals and a mobile app for policyholders to access risk i

82、nsights.Thanks to this approach,the stakeholders can work together to understand a property risk profile better and mitigate bespoke risks proactively.TECHNOLOGY&COMPETITIVE ADVANTAGEDESCRIPTIONTECHNOLOGY&COMPETITIVE ADVANTAGEFaura allows insurance companies and agencies to optimize time,reduce prem

83、ium leakage,and deliver a better customer experience in disaster-prone zip codes.Insurance companies can proactively mitigate risk related to extreme weather or natural catastrophes in specific properties through actionable mitigation and risk analytics insights.Moreover,Faura allows insurance agenc

84、ies to access insights about their customers to provide an overall better customer experience.Faura leverages proprietary AI technology and third-party data(e.g.,high-resolution satellite imagery,insurance carriers historical claims data,etc.)to provide both the insurer and the policyholder with ris

85、k scores and actionable risk mitigation insights.Thanks to this approach,Faura enables the insurer to proactively mitigate catastrophic risk in specific properties and buildings at scale.FOUNDED:2023 MONEY RAISED:$0.5M INVESTORS:HONORS FUND,METAPROP HQ:NAPA,USDESCRIPTIONFireBreak Risk is an AI-power

86、ed platform that allows insurers to enhance risk selection,risk analytics,pricing,and risk mitigation capabilities in the wildfire space.The platform is used by insurance underwriters,inspection professionals,and policyholders to access wildfire risk insights regarding specific properties.Thanks to

87、these risk insights,the underwriter and the inspection professional improve their knowledge of the buildings risk profiles and can work with the policyholders to mitigate bespoke risks.Page/2024 Plug and Play Ventures4.Takeaways from State of AI in Insurance ReportPage/PLUG AND PLAY PARTNERS GET FUL

88、L ACCESS CONTACT US TO VIEW THE FULL REPORT PNPTC.COM/JOINWeve barely scratched the surface of whats achievable“First we make the new tool fit the work then we change the work to fit the tool.”Source:Benedict Evans,202331Page/PLUG AND PLAY PARTNERS GET FULL ACCESS CONTACT US TO VIEW THE FULL REPORT

89、PNPTC.COM/JOINAI&ML will unlock a wide array of use casesINSURANCE CROSS-SELLING&UPSELLINGUNDERWRITING&RISK ANALYTICS INTELLIGENT PROCESS OPTIMIZATIONCLAIMS MANAGEMENTRISK MITIGATION&LOSS CONTROLAgent selection based on performance&customer needsNovel data sources for cross-selling&upselling insight

90、sMultimodality as a way to tap into emerging data sourcesAutonomous AI agent-driven optimization of complex processesAutonomous AI agent-driven claim case managementAI provides the ability to develop complex ecosystem strategiesAutonomous AI agents insurance agents/brokers collaborationDistributed,s

91、iloed data sources to power cross-selling,upselling insightsReal-time data analytics for underwriting&risk selectionAI-driven insurance education&advisory services for policyholdersAI infrastructure for personalized real-time customer interactionAI-powered real-time risk mitigation insights&alertsFa

92、st and democratized access to knowledge Optimization&hyper-personalization of insurance policiesUnderwriting&risk selection in complex risksAI-driven democratization of knowledge&informationAI-powered interoperability with external stakeholdersAI autonomous agents to optimize risk mitigation decisio

93、n-making32INSURANCE SALES ENABLEMENTPage/33Market Map:AI in insurance Plug and Play highlightsPLUG AND PLAY PARTNERS GET FULL ACCESS CONTACT US TO VIEW THE FULL REPORT PNPTC.COM/JOINPage/PLUG AND PLAY PARTNERS GET FULL ACCESS CONTACT US TO VIEW THE FULL REPORT PNPTC.COM/JOINSearchNew search paradigm

94、 exploration with further sophistication of search,optimizing search from SEO to AI agent optimizationTeam CompositionAI will be adopted at multiple levels,from AI-augmented teams to comprehensive automation Customer InteractionWith more AI exposure at an individual level,customers expectations chan

95、ge,and so should insurance productsSpecialized Foundation Models New models will help us transcend from text-centric AI to multimodal approaches and novel data streamsEcosystem Play AI solutions will help transform insurers into technology-driven ecosystem providers,transcending traditional service

96、models at scaleAI OpennessAI open models&accessibility will help tap more into human creativity and develop more business-oriented opportunitiesOur AI predictions in insuranceAI is an eventuality and we need to set up for success34Page/2024 Plug and Play Ventures35Learn more about 2025 Plug and Play

97、 VenturesConnect with us to get the full reportCo-AuthorsTeam MembersFrancesco Carmisciano Ventures Analyst Andrs Diaz Ventures Associate Eugenio Gonzalez Partner&Director of InsurTech Sergio Insuasti Corporate Partnership Manager Paula Ramoneda Corporate Innovation&Growth Page/2024 Plug and Play VenturesState of AI in the Insurance Industry2 0 2 5 Fo r e c a s t2025 Plug and Play Ventures