PR Newswire
BOSTON, Oct. 15, 2024
The "InsurTech100" recognizes the innovative companies transforming the insurance industry
BOSTON, Oct. 15, 2024 /PRNewswire/ -- Expert.ai, the industry leader in providing AI-powered solutions to enterprises, has been named in the seventh annual FinTech Global InsurTech100, highlighting the leading innovators developing solutions to the critical challenges facing the insurance sector over the coming years. The InsurTech 100 ranking is the result of a competitive review of seasoned analysts and industry veterans who reviewed more than 2,100 nominations, and this is the second consecutive year that expert.ai has been included in the list.
Despite challenging macroeconomic and funding environment recently, the InsurTech industry continues to show resilience, recording strong year-on-year growth. According to the research firm FinTech Global, the sector's market size has grown from $18.7bn in 2023 to $25.9bn in 2024. The long-term growth potential of the sector is also providing hopeful reading for investors and industry stakeholders as it is set to grow to a size of $496.5bn by 2033 (a whopping 38.8% CAGR growth rate.)
"The InsurTech100 is a vital resource for industry leaders looking to stay ahead of the curve. The companies that have worked their way onto the list are driving real innovation and providing the tools insurers need to navigate the complexities of digital transformation in this dynamic marketplace," said FinTech Global Director Richard Sachar. "As industry leaders refine their technology strategies, these companies are playing a pivotal role in shaping the future of insurance. The solutions they offer—ranging from artificial intelligence and machine learning to telematics—are changing the game across the sector."
"While advances around Generative AI and Large Language Models have captured headlines, it's also clear they work best in combination with other AI approaches on vertical solutions, making them more cost-effective and efficient at the same time, especially in regulated industries like insurance where out-of-the-box accuracy and algorithms' explainability are essential attributes for any AI project success," said Umberto Pardi, SVP EMEA, expert.ai. "Expert.ai's inclusion in the InsurTech100 list validates the effectiveness of our Hybrid AI approach and the value that our solutions bring to our insurance customers around the world."
With expertise honed from hundreds of successful AI implementations for some of the world's leading insurance companies, expert.ai streamlines operations across claims automation and risk engineering workflows as well as policy review and submission intake. Recently named a "Leader" by leading research firm in document mining and analytics platforms with highest score possible in AI: GenAI criterion, expert.ai leverages robust AI capabilities, strategic vision and industry-oriented strengths to stand out from the crowd as a reliable partner equipped to deliver cutting-edge solutions tailored to meet business objectives, and the most stringent regulatory and operational demands. Expert.ai is recognized for out-of-the-box accuracy and explainability, both key factors for using AI in regulated industries.
A full list of the InsurTech100 for 2024 and detailed information about each company is available at www.TheInsurTech100.com.
About expert.ai
Expert.ai (EXAI: IM) is a Euronext Growth Milan-listed company specialized in the implementation of enterprise artificial intelligence solutions to create business value for organizations across Europe and North America. By applying a proven innovation framework, expert.ai supports businesses and public administrations in their digital transformation, harnessing the potential of AI across various processes and use cases through a responsible, transparent and sustainable approach that focuses on people, problems to solve and goals to achieve. With more than 25 years of experience in natural language solutions, expert.ai has successfully implemented hundreds of projects by integrating the best AI technologies on the market with its proprietary technologies (knowledge graph, machine/deep learning techniques, large language models and generative AI). Banks and financial institutions, insurance companies, publishers and organizations in the healthcare, defense, intelligence and public administration sectors choose expert.ai's solutions to automate knowledge on a large scale, manage massive volumes of information, improve decision making processes and enable new levels of efficiency by leveraging the right data at the right time with speed. The company's customers, either directly or through partners, include AXA XL, Zurich Insurance Group, Generali, Sanofi, EBSCO, The Associated Press, Bloomberg, INDG, Dow Jones and other industry leaders. Learn more at https://www.expert.ai
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