How does machine learning influence Insurtechs?

Before delving into one of the most relevant topics of today, it is necessary to establish as a first point the difference between Machine learning (ML) and Deep learning (DL) and their influence on insurtech.

On the one hand, Machine learning or machine learning is a discipline of Artificial Intelligence that uses mathematical formulas and decision trees to identify complex patterns and learn automatically.

On the other hand, Deep learning or deep learning is part of AI and it works through neural networks that work in a similar way to that of the human brain.

Both forms of AI refer to two technologies capable of learning by themselves and emitting the human being’s way of learning, however, both use different algorithms.

The use of the technologies explained above is of utmost importance for insurtech (a sector that groups traditional insurance companies, technology companies and startups) since thanks to this it will be possible to offer customers a product or service according to their needs , automating processes, validating requests and requesting information to carry out settlement processes, among others.

It is indisputable that insurance companies have stagnated in their traditional system, barely betting on a change, but we reaffirm the importance of trying to carry it out, this will mark innovation and competition against other insurers.

At LISA Insurtech, we apply cutting-edge technology in each of the traditional processes of the insurance industry. The application of artificial intelligence and machine learning allows us to revolutionize the industry by reducing its operational costs and reducing its settlement times. Do you want to know more about LISA? Contact us by clicking here

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