Artificial Intelligence and Machine Learning – Is this the Next Big Disruption in the Insurance Industry? - IBM Insurance Industry Blog

Rapid digitization and changing customer demographics are putting immense pressure on the insurers today and making them rethink the way they run the insurance industry. Millennials, who are the true digital generation, have already taken over the baby boomers and now make up a quarter of the UK population as per the Inkling Millenial Report 2015. Almost 20% of millennials say they would buy insurance from Google since they are easier to reach as per a recent IBM Institute of Business Value study (read more here). How is then the insurance industry adapting to the cultural change with the new millennial buyer and getting ready for the next big disruption in the market? From changing the business model to adapting to the constantly evolving regulatory compliance and data security, disruptive InsurTech players and changing customer expectations, the insurance industry clearly experiences a growing appetite and need to innovate and remain relevant for future generations.