FullscopeRMS Insurance

The Roux Institute and the Institute for Experiential AI Prepare FullscopeRMS to Lead AI for Insurance

Executives at FullscopeRMS recognized the enormous value of artificial intelligence (AI) to enhance their disability insurance products, but they didn’t have the advanced analytics to implement the new technologies. So after a few false starts, last year, the Maine-based Sun Life affiliate turned to the executive director of the Institute for Experiential AI (EAI), Usama Fayyad, to find an AI solution. That partnership became the first of many between EAI and the Roux Institute and companies relying on AI to grow businesses.

“We have plenty of data, but insurance companies are fundamentally cautious entities—that’s what has created their long-term success. If we weren’t, we’d essentially be the investment banks,” says David Messinger, director and associate actuary of FullscopeRMS.

Today though, he says there’s also widespread recognition within the larger insurance community that the technology has changed and it’s time to play catch up: “The data techniques have to be bigger and bolder, and a little bit of efficiency goes a long way for return on investment, particularly when it comes to big money areas like claims.”

While many insurance companies are trying to implement AI in some form, life and health insurers are undoubtedly lagging behind in the adoption of AI. Backing from the data science expertise of EAI and the Roux Institute opened the door for FullscopeRMS, which specializes in disability coverage, to lead the way into this new era of AI for insurance. Through the introduction of advanced analytics tools and AI talent and culture they created a groundbreaking practicum course capable of solving real-world problems and driving business innovation for years to come.