Dennie Van Den Biggelaar, econometrician and data scientist with 12 years of experience as an AI strategist, emphasizes that in the insurance sector, there is more of an 'evolution of specific AI,' rather than a 'revolution of generative AI.' This (r)evolution is driven by a growing need to serve customers in a scalable and personal manner. Through consolidations, portfolios increase in size with a growing shortage of advisors. Insurance companies are thus at the limits of their growth. “This problem can actually only be solved by smarter use of data and AI,” says Van Den Biggelaar, who, along with his partner Jack Vos, founded the company Onesurance. Vos, who knows the insurance world well, explains that their AI modules are not intended to replace advisors and experts, but rather to support them in their work. “In the world of insurance, mortgages, and pensions, trust is key: it is and remains human work.” 

Onesurance consciously chooses to use specific AI with its modules to solve very specific problems for insurance companies. Based on historical data, reliable predictions are made for things like acceptance, risk of cancellation, customer lifetime value, or effective customer management, so that the right customer gets the right attention at the right time. “Our AI modules are 'by design' explainable, transparent, and comply with the Ethical Data Frameworks of the Dutch Association of Insurers,” notes Van den Biggelaar, who is responsible for the technical development of the AI modules. Vos adds: “These are typical qualities that are demanded in the insurance industry but that generative AI cannot yet offer.

A technology becomes powerful only when it is embedded in the ethical and human context.
Satya Nadella, CEO of Microsoft.

The potential to do more with data and AI is significant. According to a study by the CapGemini Research Institute among 204 insurers, 'datamasters' in the insurance sector achieve a revenue per FTE that is 175% higher and are 63% more profitable. This fact naturally appeals to parties that are constantly making acquisitions in their ambition to grow scalably. 

At the same time, the dilemmas surrounding privacy, bias, and liability are not diminishing. If AI is used without context and without the so-called 'human in the loop,' unwanted errors may occur, leading to customer dissatisfaction, ethical issues, and undermining trust in the insurance sector. “You must not make ethical and moral concessions when working with machine learning and AI,” says Van den Biggelaar. “It is crucial that AI experts feel responsible for steering this in the right direction. And we take our role in this very seriously.” This is partly why Onesurance works intensively with the company Brush-AI, the Netherlands' first company systematically managing the ethical component in AI. 

That this responsibility is also taken seriously by the insurance industry is evident, among other things, from the KOAT advisory committee, which started in 2019 under the leadership of SIVI. SIVI develops and maintains standards for digital business in the financial world. Jack Vos, who has a seat on the committee: “KOAT stands for Quality Unmanned Advice and Transaction Applications. By 'unmanned applications' we mean smart software that can replace tasks, not people. Increasing use of such automated applications in the financial sector, combined with new (European) regulations, makes quality control of unmanned applications increasingly important to safeguard customer interests.” The Financial Services Complaints Institute (Kifid) sees more and more complaints about digital services. SIVI's platform offers insurers, mandates, and software companies a checklist and knowledge bank. It is not unthinkable that the checklist provides a good first step toward a quality standard. This is important for Dennie Van Den Biggelaar, Co-Founder of Onesurance, and Jack Vos, Co-Founder of Onesurance, not only for the consumer but also for the financial advisor himself. After all, the financial service provider remains responsible for the advice given, even if the unmanned application is developed by an external software supplier.

Onesurance has been part of the Cronos Group since September 2022, the largest ICT service provider in Belgium, with 10,000 employees, 500 of whom work in the Netherlands. As a result, Onesurance could scale up quickly, since all complementary ICT experts are immediately available within the units of Cronos. Founders Jack Vos and Dennie van den Biggelaar have gained years of experience in successfully developing and implementing data science solutions at Building Blocks, which is part of the listed company CM.com. In 2019, they won the NVGA Innovation Award with the solution Data-Driven Underwriting. Onesurance has offices in Amsterdam-IJburg, Breda, and Kontich (Belgium).

More info? Contact Jack Vos

Source: This article appeared in the Financieel Dagblad and was written by Fred Pals.

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