Why AI Will Transform Insurance - Insurance Thought Leadership

The insurance sector is one of the most old-fashioned and resistant to change -- so artificial intelligence will have an even greater effect. The insurance sector is one of the most old-fashioned and resistant to change, and this is why AI will have a greater impact on that with respect to more receptive industries. The collection of data of new types (i.e., unstructured data such as reports, images, contracts, etc.) and the use of new algorithms are disrupting the sector in several ways. This is a really simplistic representation of the insurance business in the last fifty years, and I am aware that insurance experts might disagree with me in many different ways. There are a couple of further features to be pointed out: first of all, insurance has historically been sold not bought, which means that brokers and agents were essential to tracking new customers and to even retain old ones.