McKinsey & Company analysts have predicted that artificial intelligence (AI) and its related technologies will have a seismic impact on all aspects of the insurance industry, from distribution to underwriting and pricing to claims.
“The insurance sector is built on the ability to manage risk and forecast the future. While many organizations are already transforming to meet the expected demands of both regulatory requirements and consumer needs, new and emerging technologies could offer a host of potential benefits to those that are willing to embrace change,” says KPMG. “Many successful insurance companies are riding this wave.”
One great example of the coming AI boom in insurance is Wondeur AI, which is transforming risk assessment in the art world. Leading insurance firms and their brokers across nine countries and two continents are using this AI system to analyze and monitor risk on value for millions of art assets, worth tens of billions of dollars in asset value.
Wondeur AI, an insurtech/wealthtech artificial intelligence company operated by expert AI researchers from MIT and the University of Toronto, is being used by such companies as The Cincinnati Insurance Companies.
“[We are] using the power of artificial intelligence through Wondeur AI to analyze multiple value dimensions and lifecycle opportunities for fine art, designed to answer the following two strategic questions: Is my collection well protected? What lifecycle options are there for my collection?” writes Matthew Cluxton, Assistant Vice President, Director Fine Art and Collectibles at The Cincinnati Insurance Companies.
The Cincinnati’s Upfront digital supplement says Wondeur AI can:
How is Wondeur AI able to accomplish all this high-level analysis? Here’s the science behind how Wonder AI helps keep up with the evolving art market by providing an evaluation of insured clients’ art collections:
By offering these advanced capabilities, Wondeur AI is revolutionizing risk analysis for art assets, providing more accurate, comprehensive, and nuanced assessments that can benefit collectors, insurers, and other stakeholders in the art world.
Wondeur AI has introduced WOND-A 9 Insurance, their latest AI system.
“Insurers partnering with us leverage Wond-A 9 to democratize access to cutting-edge client services and insurance to value risk monitoring at scale, making these services and intelligence accessible to all of their brokers and clients—regardless of the value of their collection or individual pieces,” says Wondeur AI.
Six facets of this advanced insurance AI:
“Our streamlined workflow facilitates swift integration with your broker network, boosting efficiency and speed for renewals and new client acquisitions, and driving significant gains for your underwriters, brokers, and clients,” says Wondeur AI.
The Wondeur AI can be deployed in minutes without any IT investment required as the systems are engineered for rapid adaptability, to conform to specific operational processes and service requirements.
“When full integration is necessary, the process is fast and cost-effective as our systems are fully API driven,” explains Wondeur AI. “Our technology is tailored solely for asset description recognition and cannot identify or analyze personal client details like names, addresses, or phone numbers.”
The Cincinnati Insurance Companies says that a Wondeur AI evaluation can be requested when a client’s schedule for quoting new business is submitted and that it will automatically be provided to the insurance broker and policyholder prior to each renewal.
One word of caution, Wondeur AI says that “AI evaluations are not meant to replace, but instead, complement professional appraisals and can help your clients reduce the frequency of re-appraisals.”
Contact Dean & Draper today to learn more about how cutting-edge AI, like Wondeur AI, can help protect your most valuable assets.
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