AI in Insurance

Below is the criteria for Global AI Awards in Insurance Category:

1. Design (25%)

• Quality and robustness of AI system design for underwriting, claims, risk assessment, and customer service.
• Transparency, fairness, and bias-mitigation in decision-making models.
• Integration with existing insurance platforms, policies, and regulatory frameworks.
• Security, privacy, and compliance with insurance and data protection laws.

2. Impact (35%)

• Demonstrated improvements in efficiency, fraud detection, claims processing, or customer experience.
• Measurable outcomes such as reduced claims resolution time, better risk prediction, or cost savings.
• Contribution to financial inclusion by making insurance more accessible and affordable.
• Influence on industry transformation, sustainability, and trust in insurance services.

3. Creativity (25%)

• Innovative applications of AI in personalized insurance products, dynamic pricing, or predictive modeling.
• Unique approaches to improving customer engagement and proactive risk prevention.
• Pioneering integrations with IoT, telematics, drones, or satellite data for smarter insurance.
• Differentiation from traditional insurance practices.

4. Ease of Use (15%)

• Accessibility for insurers, agents, and customers.
• Intuitive platforms and interfaces that simplify policy management and claims filing.
• Low barriers to adoption for both large carriers and smaller insurance providers.
• Clear communication, support, and education to build customer trust in AI-driven insurance.