Why AI-driven insights are the new crown jewels of the insurance industry

The insurance industry – like many elements within Financial Services (FS) – has come under intense pressure over the past decade or so. The fintech revolution has meant that smaller and more agile startups are able to offer a variety of new services to consumers and businesses. These services are not only more interactive and based on the latest technologies, but they are also services that bigger insurance firms cannot easily offer. This increased competition from newer market entrants is a growing problem for more established insurance providers. A 2016 PwC survey revealed that 65 per cent of insurance chief executives see new market entrants as a threat to growth, while 69 per cent of insurance chiefs were concerned about the speed of technological change in their industry.