AI technologies will provide new market opportunities and competitive advantage. Perceptive organisations are already investing their time to determine whether there are opportunities to benefit from AI. These new technologies will require a different set of skills and a new mind-set to develop solutions for problems we can’t solve with today’s technology. Organisations should not underestimate the challenge ahead.
Rather than individual technologies, it is the fusion of several technologies together with novel problem-solving approaches that is likely to have a significant impact on business and society. Rapid changes mean big things for insurers and policyholders. AI will be on the frontier of the insurance industry and where it might be heading in years to come.
Assessing your risks
Historically, insurance underwriters have relied on information provided by brokers to assess the risks surrounding a potential client. Machine learning will enable insurers to pore through more sources of information, including social media postings, to more adequately assess your risk.
We anticipate that more accurate risk assessments mean more appropriate premiums and policy cover. Being able to consume more data automatically, we will see more customisation, and clients will benefit by paying for coverage they need.
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