A Crystal Ball for Insurance Risk Managers?
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Premonition , a Miami-based start up claims to have solved a task most legal technology experts believed to be impossible. Premonition uses Artificial Intelligence to crawl thousands of court websites in real time, downloading the cases and, most importantly, mapping them to insurance industry lines of business. “For the first time ever, an insurer can spot claims coming and take action before they arrive based on actual liability data instead of forecasts,” claims Premonition co-founder, Toby Unwin. “Real time pricing is now a possibility.” Unwin shared an auto lawsuit graph from Hillsborough County clearly predicting the spike in related insurance claims.
Pointing to a litigation “heat map” of the United States that showed changes in litigation by case type or insurance Line Of Business on a county specific level, Unwin said the Premonition is capable of allowing insurers to adjust underwriting on a county by county basis in real time. “It’s also a great tool for re-insurers to ascertain whether a book of business is under or overpriced,” he claimed.
The company hopes that greater transparency will lead to a more efficient litigation market, expose the bad actors involved with insurance fraud and ultimately benefit consumers in the form of lower premiums. “Everybody wins, except the bad guys,” said Premonition CEO, Guy Kurlandski.
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