Executives from Lodestone Solutions and Cover Genius will feature at the International Travel & Health Insurance Conferences global forum in Istanbul in November.

The two insurtechs, both founded in Sydney, have found success offshore, particularly in North America.

Lodestone founder David Phipson tells insuranceNEWS.com.au he has led agentic AI projects for leading travel insurers, and customers of his travel claims platform include New Zealand’s Southern Cross Travel Insurance, Canada’s TuGo and Trawick International in the US.

“All three are prominent travel insurers in their respective regions and highly regarded in the global travel insurance community,” said Mr Phipson, who will share the stage with Cover Genius VP of insurance Russell Corbould-Warren.

The Lodestone system manages trip interruption, baggage and complex medical claims “just like a health claims system”, and is integrated with medical provider network UnitedHealthcare Global.

The insurtech has employees in Mexico, India and the Philippines to support clients 24/7. Hospitals are paid direct, so customers are not out of pocket, and there are potential discounts for Lodestone’s insurer clients.

A year ago, Lodestone’s AI Examiner large language model went live in the US, examining all claims details – for example, confirming a claimed event took place, validating amounts claimed are reasonable, and checking benefit coverage against policy terms.

“It scrutinises all supporting documents, and it independently calculates and confirms the amount payable. It is very alert to fraud and has a dedicated fraud detection agent,” Mr Phipson said.

Lodestone has a dedicated AI team refining and testing the model.

“It gets smarter every month. When we first went live, AI Examiner was at the level of a junior human claim assessor – now it’s at the level of a mid-level assessor. We are within range of our AI Examiner being 100% accurate on travel claims up to $1000, which is amazing.”

Lodestone plans to expand to other regions, new travel insurance clients and in the international private medical insurance sector.