Artificial Intelligence partner at WTIC
Are machines interested in learning the insurance business?
Under the moto “Reinforcing customer engagement & Operational agility through digital transformation”, the 14th World Takaful & InsurTech Conference took place on 1 – 2 April 2019 in Dubai. WTIC 2019 is the definitive ultimate forum to meet leading minds from Takaful, InsurTech and Insurance Innovation, with representation from over 35 countries, ranging from key markets for Takaful such as the GCC and South East Asia to emerging markets such as Africa and Europe.
As a company addressing GCC specific healthcare insurance issues, we have joined as an exclusive artificial intelligence partner. Our Managing Director on the Middle East, Kiril Milev, presented the experience and logic behind RiSIC. As a positive use case, RiSIC is addressing waste, fraud and abuse in the health insurance industry based on historical transactions, qualifying the anomaly of each new transaction compared to the history and assign a potential risk to it.
A common theme throughout the conference was the need for more innovation and use of technology to increase the market share of Takaful insurance against more traditional insurance. In this context both AI and machine learning was frequently highlighted by various speakers and panelists as being a potential game changer for the whole Takaful Insurance industry. Also fraud, waste and abuse was identified as key business challenge facing the healthcare insurance sector in the region. RiSIC received a lot of interest from the conference participants and discussions are continuing with several participants on how to implement RiSIC in their respective organizations.