Risk management insurtech to launch AI solutions

Risk management insurtech Origami Risk will launch a new package of generative artificial intelligence solutions for risk managers at RISKWorld next week. 

Origami said it is launching two prototypes that aim to safely guide risk and insurance professionals through the strategic adoption of AI. 

It said one of the prototypes, AI Risk Identifier, was designed to support risk managers in the planning phase of their AI journey. 

“AI Risk Identifier assesses potential AI use cases (both in progress or pre-development) to identify and mitigate the risks involved,” the company said. “It will also determine the risks and opportunities associated with different potential use cases so risk managers can strategically prioritise their activities and mitigate the risks associated with them.”

Origami said its GenAI Pilot Programme has gathered several of the firm’s clients to pilot potential future use cases for the business. These include the ability to review audit responses and use Open AI to recommend potential corrective action for low-scoring areas. It also features technology to quickly summarise claims and compose task lists and emails.

Origami said its Audit Accelerator was developed in partnership with its subsidiary Dais. 

“The technology runs safety audits at scale, without a human bottleneck, wherever there is a live camera,” the company said. “From a simple photo upload, businesses will increase their efficiency by potentially removing the need for people to perform physical safety audits across multiple sites in multiple locations. A visual dashboard allows clients to see a basic comparison of claims frequency and severity based on both before, and after Audit Accelerator was implemented.  

“All of these initiatives will be integrated into Origami’s single platform, making it simple for risk professionals to access and utilise these tools within a secure, cloud-based environment.”

Origami said a recent “State of Risk” survey of 240 risk professionals across Europe and North America showed that although one on four respondents do not rank GenAI as a priority for their organisation, over one-third of responders are actively in discussion or planning phase.

Earne Bentley, president of Risk Solutions, Origami Risk remarked: “The risks associated with AI are very real and rapidly evolving. But the risks, in the form of lost opportunities, are even greater in the long run for organisations that do not move forward with well-governed, AI-enabled processes. 

“Our State of Risk report highlights that although few risk professionals rate GenAI as a priority for their business, many are working on its applications anyway. We’re concerned that in the rush to embrace the possibilities of this evolving technology, many professionals may abandon best practices and create bigger problems for their organisations in the long run.”

He continued: “Our package of GenAI solutions represents a safe, strategic and purposeful approach to these technologies that will help risk managers to safely explore and adopt GenAI in a robust and sustainable manner.”