When Artificial Intelligence Takes Over Insurance

Marie Kratz, Professor at ESSEC Business School and Director of ESSEC CREAR (Center of Research in Econo-finance and Actuarial sciences on Risk), shares her thoughts about how artificial intelligence will re-shape the actuarial profession. We've all experienced those minor, sometimes major, mishaps in life – your bike gets stolen, you have a car accident, you drop your computer or, worse still, you wake up one morning to find the living room swamped in 3 feet of muddy floodwater. And we have all witnessed the drama of natural catastrophe on the news. The camera covers the victims, some considering themselves lucky, others overcome by the emotion of losing their hard-earned belongings or loved ones – all of them in wait for the complications that will come, not least the financial ones. This is where the insurance company comes in.