The Toronto-based insurance company said it makes about $150 million annually from using AI to optimize its pricing and analyze risk. On its third-quarter earnings call Wednesday, CEO Charles Brindamour said Intact’s in-house AI underwriting tool helped it “quote 20 per cent more than before” in one line of businesses, which is focused on unusual real estate investments. (The Logic)
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The Toronto-based insurance company said it makes about $150 million annually from using AI to optimize its pricing and analyze risk. On its third-quarter earnings call Wednesday, CEO Charles Brindamour said Intact’s in-house AI underwriting tool helped it “quote 20 per cent more than before” in one line of businesses, which is focused on unusual real estate investments. (The Logic)
Talking point: Expect to see more of your insurance quotes handled by AI as insurers like Intact try to speed up their quote-generation process. The company said it has rolled out new machine learning models for businesses like personal property and commercial fleet insurance. Other Canadian insurers are also experimenting with the technology. Great-West LifeCo said in an earnings call Thursday that its app-development team was seeing a 25 to 30 per cent increase in productivity using AI.
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