Goto

Collaborating Authors

Insurance 2030--The impact of AI on the future of insurance

#artificialintelligence

Welcome to the future of insurance, as seen through the eyes of Scott, a customer in the year 2030. Upon hopping into the arriving car, Scott decides he wants to drive today and moves the car into "active" mode. Scott's personal assistant maps out a potential route and shares it with his mobility insurer, which immediately responds with an alternate route that has a much lower likelihood of accidents and auto damage as well as the calculated adjustment to his monthly premium. Scott's assistant notifies him that his mobility insurance premium will increase by 4 to 8 percent based on the route he selects and the volume and distribution of other cars on the road. It also alerts him that his life insurance policy, which is now priced on a "pay-as-you-live" basis, will increase by 2 percent for this quarter. The additional amounts are automatically debited from his bank account. When Scott pulls into his destination's parking lot, his car bumps into one of several parking signs.


Insurance 2030--The impact of AI on the future of insurance

#artificialintelligence

The industry is on the verge of a seismic, tech-driven shift. A focus on four areas can position carriers to embrace this change. Welcome to the future of insurance, as seen through the eyes of Scott, a customer in the year 2030. Upon hopping into the arriving car, Scott decides he wants to drive today and moves the car into "active" mode. Scott's personal assistant maps out a potential route and shares it with his mobility insurer, which immediately responds with an alternate route that has a much lower likelihood of accidents and auto damage as well as the calculated adjustment to his monthly premium. Scott's assistant notifies him that his mobility insurance premium will increase by 4 to 8 percent based on the route he selects and the volume and distribution of other cars on the road. It also alerts him that his life insurance policy, which is now priced on a "pay-as-you-live" basis, will increase by 2 percent for this quarter.


Insurance 2030--The impact of AI on the future of insurance

#artificialintelligence

The industry is on the verge of a seismic, tech-driven shift. A focus on four areas can position carriers to embrace this change. Welcome to the future of insurance, as seen through the eyes of Scott, a customer in the year 2030. Upon hopping into the arriving car, Scott decides he wants to drive today and moves the car into "active" mode. Scott's personal assistant maps out a potential route and shares it with his mobility insurer, which immediately responds with an alternate route that has a much lower likelihood of accidents and auto damage as well as the calculated adjustment to his monthly premium. Scott's assistant notifies him that his mobility insurance premium will increase by 4 to 8 percent based on the route he selects and the volume and distribution of other cars on the road. It also alerts him that his life insurance policy, which is now priced on a "pay-as-you-live" basis, will increase by 2 percent for this quarter.


Insurance 2030--The impact of AI on the future of insurance

#artificialintelligence

Welcome to the future of insurance, as seen through the eyes of Scott, a customer in the year 2030. Upon hopping into the arriving car, Scott decides he wants to drive today and moves the car into "active" mode. Scott's personal assistant maps out a potential route and shares it with his mobility insurer, which immediately responds with an alternate route that has a much lower likelihood of accidents and auto damage as well as the calculated adjustment to his monthly premium. Scott's assistant notifies him that his mobility insurance premium will increase by 4 to 8 percent based on the route he selects and the volume and distribution of other cars on the road. It also alerts him that his life insurance policy, which is now priced on a "pay-as-you-live" basis, will increase by 2 percent for this quarter. The additional amounts are automatically debited from his bank account. When Scott pulls into his destination's parking lot, his car bumps into one of several parking signs.


The Future of AI in the Insurance Industry

#artificialintelligence

With this, Artificial Intelligence within the Insurance industry has overhauled the claims management process by making it faster, better, and with fewer errors. From smart chatbots that offer quick customer service round the clock to the array of machine learning technologies that spruce up the functioning of any workplace through its automation power, the expanding potential of Artificial Intelligence in Insurance is already being used in many ways. With increased awareness and resources about the game-changing influence of AI in the Insurance industry, the initial hesitations and shallow discomfort around the its implementation are now fading quickly as it begins to trust in the caliber and numerous opportunities brought forward by Artificial Intelligence and Machine Learning. The only question that remains is – how far can we push its capabilities? In 2017, Artificial Intelligence has shown its substance in various business verticals by rapidly creating controlled, digitally enhanced automated environments for maximum productivity.