Insurance in the Age of AI, Block Chain and an Overabundance of Data

The traditional insurance model has had a pretty good run. It has been slowly evolving over the past few hundred years to include new coverages, multiple distribution channels (broker, agent, online), and create more complex actuarial models. The financial industry has been known to be relatively slow adopters of new technology, mostly because companies simply cannot take undue risk – and those working in insurance are experts in minimizing risk. This article is going to outline the current state of insurance, and the current progress technology has made, and will argue that the industry may be on the verge of significant disruption – the likes of which has the potential to render most policies, companies, employees and value added services obsolete. Two things to keep in mind as we move through this piece.