Tag: Underwriting
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Machine Learning and AI Utilized Extensively for Underwriting, Including Behavioral ML: Insights from Manish Bhatia, President of Technology, Analytics, and New Capabilities at Lendingkart
Lendingkart, the Indian digital lending company, is using machine learning and artificial intelligence in its platform. This includes cash flow-based underwriting for SMEs and automation, as well as cloud-based technology.
ChatGPT use for underwriting raises concerns
Insurance companies warned about using ChatGPT for underwriting. The tool's reliance on good data makes it unreliable, according to Future Processing's Piotr Piekos. While companies can develop specialized tooling for ChatGPT, it's vital to invest in AI for customers' insurance journeys. This was discussed during a roundtable on the challenges of insurtech opportunities.