Origami Risk, a technology company specialising in insurance software-as-a-service (SaaS), has announced plans to introduce its new suite of GenAI solutions for risk managers.
Origami Risk will showcase two prototypes at the upcoming Risk Management Society (RIMS) RiskWorld conference in San Diego, California, starting on 5 May 2024.
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These prototypes are designed to help risk and insurance professionals strategically embrace AI, ensuring a safe and effective integration into their operations.
In conjunction, Origami has launched a GenAI Product Pilot Programme, inviting select clients to contribute to the development of the company’s AI capabilities.
The AI Risk Identifier, a tool developed by Origami, assists risk managers in identifying and mitigating risks during the planning stages of AI implementation.
It evaluates potential AI use cases, both existing and in development, to help managers prioritise their activities and navigate the risks and opportunities each case presents.
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By GlobalDataIn collaboration with its subsidiary Dais, Origami has also created the Audit Accelerator.
This technology facilitates large-scale safety audits using live camera feeds, potentially eliminating the need for manual safety audits across various sites.
A visual dashboard provides clients with a comparative analysis of claims frequency and severity before and after the implementation of Audit Accelerator.
These tools will be integrated into Origami’s single platform, simplifying access for risk professionals to these tools within a secure, cloud-based environment.
Meanwhile, the GenAI Pilot Programme has already seen participation from several of Origami’s clients, testing future use cases such as reviewing audit responses and employing Open AI to suggest corrective actions.
Origami Risk president of risk solutions Earne Bentley said: “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 organizations 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 are 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. 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.”
Origami Risk acquired Dais in September 2023 to expand its property and casualty insurance offerings for insurers, reinsurers and managing general agents.
