AI growth offers insurers opportunities The Royal Gazette:Bermuda Re-Insurance

Artificial intelligence is not about robots taking over the world, but about leveraging the powerful technology to capture and analyse vast quantities of data, and making the best use of that information. That--s the belief of Noel Pearman, Bermuda professional lines underwriter and cyber product lead at XL Catlin, who has been speaking on the subject in the US. For the insurance sector, one likely manifestation of AI will see customers purchase increasingly tailored policies based on data directly relevant to the way they live their lives. Mr Pearman explained: --One of the things we are doing now is capturing data at a rate that we were never able to do before.-- The prevalence of --The Internet of Things-- devices that collect real-time data will allow insurance companies to mine information and offer better rates to customers whose behaviours represent a lower risk, such as those with better driving habits.