or: when Lemonade’s CEO, Daniel Schreiber, articulated perfectly why we started DigitalOwl.
I attended the Israeli Insuretech accelerator last week. The Keynote Speaker was Daniel Schreiber, Lemonade's CEO. The first section of his presentation covered the importance of technology and the effects it has on the insurance industry. Daniel made an important observation about how the insurance industry lost its place as a leading industry in data collection and analysis.
The insurance industry took its current form hundreds of years ago when the scientific theory of probability evolved. If you asked a random person 200 years ago what industry or company dominates in data and statistics, they would probably say insurance. In today's world, the answer would probably be Google or Facebook.
What is the reason? Is it possible that an industry that relies almost entirely on data and statistics is no longer the likely answer? The answer lies in adopting new technologies. Google, Amazon, and Facebook utilize state-of-the-art technologies to mine and analyze data, but the insurance industry does so (mostly) in traditional ways. 20-year-old companies are taking the lead in this field in a 400-year industry thanks to AI and NLP.
DigitalOwl’s mission is to disrupt the way the insurance industry manages risk through how it uses medical information. We developed sophisticated technology to mine and contextualize medical data from all types of medical records. This allows underwriters and claims adjusters in life, disability, workers' comp, and long-term care operations to make better decisions, faster, which is good for consumers and good for the industry.
Perhaps a few years from now, the insurance industry will be the answer again as we succeed in our mission.