The organizations will test a web-based platform using machine learning to determine whether it improves the regulatory reviews of insurance company filings and speeds product delivery.

How can insurance companies be nimbler as innovators — in the face of strict regulatory oversight, customer concerns about privacy, and decades of ingrained thinking about “the way things are done”?

Insurtechs are great for the industry because it needs to change to be competitive, but insurtechs are only going to be able to help change the industry if they themselves make money.

Ted Stuckey, SVP, Managing Director of QBE Ventures, talks with about three recent acquisitions supporting “Brilliant Basics,” and how they fit into QBE’s broader strategy.

More in Artificial intelligence Machine learning Venture capital QBE Insurance Group’s venture arm continues to invest in artificial intelligence companies that offer products that can automate and streamline the carrier’s processes.

"The ultimate goal is to connect all this information. If you have a contract that has insurance requirements, how does that connect to the insurance policy itself?" says Cheatham.

Artificial intelligence is a hot topic in the insurance industry, but implementing it requires a robust business case and strong change management in order to get the most value.

Insurtechs are great for the industry because it needs to change to be competitive, but insurtechs are only going to be able to help change the industry if they themselves make money.

RiskGenius’ $2.95 million series A extension funding round is worth more than its face value, said CEO Chris Cheatham. The round was led by QBE Ventures, an Australia-based firm known as being among the world’s top 20 insurance companies.

QBE has signed a multi-year commercial use agreement with RiskGenius, a machine learning company that helps carriers, brokers and regulators analyze policy and endorsement language and aid in product development.