Insurers currently face the challenge of extracting value from the large amounts of data they have accumulated. This is even more challenging as the volume of data is continuously growing.
In particular, data analytics company and French start-up, DreamQuark, points out that healthcare and insurance players have stored an enormous amount of medical data that could provide a comprehensive view of both the causes and the consequences of health disorders.
For example, in 2008, it says cardiovascular diseases caused 17.3m premature deaths, but by 2030 this number will grow to 23m.
According to DreamQuark, new technologies have also emerged that are able to efficiently analyze and understand the relationships between basic blocks of data in both structured (Excel and SQL-like) and un-structured (audio, text, images…) datasets
DreamQuark aims to address these trends by developing deep-learning technologies that analyze a wide variety of data types and create artificial intelligence dedicated to healthcare and insurance.
The company has built its strategy around its core expertise in deep learning, a new field in artificial intelligence, and currently the most active research field in machine-learning.
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It has developed a platform, called “Brain”, to offer the opportunity to major insurance and healthcare companies to take advantage of the precision of these new algorithms while relying on a secure infrastructure specially designed for healthcare and insurance.
As former particle physicists, the DreamQuark team use its expertise of large datasets analysis and efficient algorithm design to reinvent how data analysis are performed in the healthcare and insurance sectors.
Innovation categories for LII innovation tracker:
2. Distribution channel
3. Market segment
4. User experience eg. innovation improves ease of claiming / purchasing insurance cover
5. Data analytics tool
6. Marketing eg. creative and original approach to engaging audience
7. Insurance FinTech start-up that has moderate / high potential to address an industry barrier eg. lack of consumer engagement with insurance
Overall, DreamQuark has achieved an innovation score of 3 in Life Insurance International's Innovation Tracker. See the chart below.
DreamQuark's innovation score is based on based on Life Insurance International's scoring methodology below.
Will it significantly improve the user experience?
DreamQuark says its technologies and solutions will transform and improve the customer relationship with insurance companies and healthcare professionals.
This may happen over the long-term. Certainly, the relationship between insurance companies and healthcare professionals’ needs improvement. However, it is unrealistic to expect most major insurance companies to start deploying DreamQuark’s technological expertise anytime soon.
Impact score out of 10 = 3
Will it significantly improve the insurance provider's experience?
DreamQuark says its technologies and solutions will
- enable the development of more accurate data-driven risk models
- enable the development of better prevention and diagnosis systems
- Improve the fraud detection
- Reduce the amount of administrative work through better automation systems
- Improve the quality and the automation of data-oriented studies
- Enable a better knowledge of the policyholders and patients’ needs and expectations
DreamQuark’s CEO and founder Nicolas Meric tells Life Insurance International: “Dreamquark takes the latest advances in artificial intelligence (AI) and brings this to insurance companies.
“We want to provide insurance companies with the most accurate techniques that will be used in the market in the coming years. This will help insurance companies to prevent fraud, for example.”
Meric concedes that DreamQuark is not the only company working in artificial intelligence and there are several companies doing this. However, he says none have DreamQuark’s insurance focus. Given the artificial intelligence (AI) sector’s competitiveness, it’s difficult to say DreamQuark will particularly improve the insurance provider’s experience any more than its competitors.
Above: DreamQuark CEO and founder, Nicolas Meric
Meric argues that Dreamquark has already produced significantly better performances than other approaches on a set of specific challenges.
What can be said with greater certainty is that the technologies that have emerged to analyse the relationships between structured and unstructured data sets will impact life and health insurers significantly in future.
Impact score out of 10 = 3
Does it have a strong geographical market and user segment reach?
Meric says from the beginning, DreamQuark has been thinking global. However, it is now focused on Europe and the US.
He says: “Currently, we are working with about 15 companies and this is increasing. We entered in the Deloitte digital programme, which has accelerated our market reach.”
The potential for DreamQuark’s is market reach is truly global and the fact that it is working with 15 companies currently is highly commendable.
It won 2 prizes at the 2015 IT Innovation Forum: Laureat IT Innovation for Big Data and Laureat IT Innovation for Best StartUp.
Impact score out of 10 = 4
Is it original?
DreamQuark does not pretend to be original and the AI sector is highly competitive. It deserves recognition for developing a platform, called “Brain”, to offer the opportunity to major insurance and healthcare companies to take advantage of the precision of new algorithms.
Innovation score out of 10 =2
Is it market-changing and will it be long lasting?
Asked how market changing Dreamquark’s technology will be, Meric says at the beginning it will be an incremental change because it will provide more accuracy.
He comments: “It will be an optimiser of what already exists. Over time, while artificial intelligence evolves, we will bring a platform that will completely change how digital insurance is bought in the market.”
Meric is right to be pragmatic because DreamQuark’s initial impact is likely to be incremental and an optimiser of what already exists.
It remains to be see whether his assertion that over time, while artificial intelligence evolves, DreamQuark will bring a platform that will completely change how digital insurance is bought in the market.
It is positive to hear that DreamQuark is working to raise approx €10m in order to build new functionalities. Meric tell s LII it expects revenue of €1 or €2m from this year – depending on growth – and this is also a positive forecast that suggest’s DreamQuark’s degree of innovation and impact on the insurance market will be long-lasting.
Innovation score out of 10= 3
Does it use new technology or processes?
DreamQuark says it develops technologies related to deep neural-networks with sparse architectures that can unveil new patterns inside the input data. According to DreamQuarm. This sparcity allows for an higher accuracy and speed.
A key element of DreamQuark’s technology is that it is not only focused on numerical data analysis but also integrate the analysis of images, texts, and sounds.
DreamQuark says this helps add recognition to systems to improve the decision systems built on top of our technologies and your data. We can use state of the art natural language processing facilities to add, text classification or emotion analysis to your systems
Innovation score out of 10 = 3
Research notes on scoring
0-5: Incremental innovation
- Initiative exhibits at least one of the following:
- Low potential to address an important problem or a critical barrier in the insurance industry
- Refinement of existing industry approaches or practices
- Reach eg.UK v global
- Impact on user and provider eg. faster underwriting and opens up new market segment
- Degree of innovation eg. incremental, substantial transformative
6-10: Radical innovation
- High potential to address an important problem or a critical barrier in the insurance industry
- Transformative, paradigm-shifting product / service/ new provider that seeks to alter current industry practices.