Public Transport to hamper motor insurance sector: Layak Singh, Artivatic

The recent slowdown in the automobile sector will have a significant effect on the economy. It will hamper the motor insurance sector because it is naturally going to result in decline of the number of motor policies bought by customers. If people will increasingly depending upon public transport, the sale of personal vehicles goes down which in turn puts the selling of policies at a low says Layak Singh, Founder, Artivatic, in conversation with Elets News Network (ENN). 

Layak Singh

  1.  Tell us about ‘Smart AI Brain’. How does it help in taking decisions in real-time?

AI is machine intelligence or a machine’s ability to replicate the cognitive functions of humans. It involves the quality to learn and solve problems. In computer science, these machines are rightly called “intelligent agents” or bots. The early generations of AI made machine learning systems. Machine learning aims at the improvement of programs that can change, learn or realize when presented with new information.

Calculations from the earlier versions of AI ‘instructed’ machines to distinguish pictures and articles, see obstacles, correspond, and find connections between factors. It brought about smart applications that oversaw multiple roles at the same time. Computational neuroscience bridges the gap between human intelligence and AI by creating theoretical models of the human brain for interdisciplinary studies on its functions, including vision, motion, sensory control, and learning.

Deep learning, a part of machine learning itself, relies on algorithms which attempt to model high-level abstractions in data. It enhances speech/image recognition programs and language processing tools by deciphering facial expressions, gestures, tone, and other aspects. We are at the brim of experiencing advances in speech technology that will lead to more practical AI assistants and accurate facial recognition that will take security systems to a level higher.

There may be several complexities to every decision. It is important to know and understand customer needs, desires and align products with the same. Similarly, having a thorough analysis of changing consumer behaviour is crucial to making decisions, in the short, as well as long run. AI modelling and simulation techniques enable reliable insight and risk analytics into buyer profiling. These techniques are used to predict consumer behaviour. With the help of a Decision engine, AI system supports decisions through real-time and up-to-date data gathering, forecasting, risk and trend analysis.

  1. The government is taking a lot of initiatives to digitise KYC. How do help in this regard?

We provide a number of solutions for KYC, which include-

  • KYC Extraction, Matching & Verification of documents used for KYC in real-time.
  • Signature verification & Facial Recognition during KYC upload or taking photo itself.
  • A fully enabled digital process where customers can have DIY (do it yourself)  process to verify claims KYC.
  • We also offer video-based KYC verification and required documents matching for claims process in the Insurtech area.
  • We use technologies like OCR/ICR/Image Recognition based KYC for an efficient process.
  1. How are your services pertaining to Machine Learning streamlines the products in the insurance sector?

We provide several services for the insurance sector like Onboarding engine which includes a Document Classifier and  assists the customer through their onboarding journey while purchasing a policy, Decision engine enables prediction of whether the claims are right or not and how much amount should be granted to the customer along with the risk of fraud or loss involved, we enable prediction of disease and total risk-based on customer data to provide insights for health insurance and extraction that ensures a smooth, error and risk-free insurance journey. All of these solutions/services extensively use ML.

  1. In general view, Artificial Intelligence is thought of front-office technology. Do you agree with this?

AI is a lot more than just front office technology; it goes a long way in serving problems in the back office sphere too. AI is efficiently being used by Artivatic to serve tasks like document extraction, customer profiling, behaviour analysis, risk prediction and analysis, claims analysis, decision making in real-time and fraud detection. It is making several lengthy and manual processes involved in insurance, quick, efficient, error and risk-free as well as reducing manual intervention by 90 percent and increasing productivity and profits.

  1. What are your views on the recent slowdown in the Automobile sector? Is the auto-insurance sector affected by this slowdown?

The recent slowdown in the automobile sector will have a significant effect on the economy. It will hamper the motor insurance sector because it is naturally going to result in the decline of the amount of motor policies bought by customers. If people will increasingly depending upon public transport, the sale of personal vehicles go down which in turn puts the selling of policies at a low.

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