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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.


How can insurance companies prepare for rapid AI-related changes? - i-Brokers

#artificialintelligence

Deep learning (DL) tools like convolutional neural networks which contain millions of simulated neurons structured in layers enable artificial intelligence (AI) to imitate the learning, reasoning, perception and problem solving of the human brain. This technological change is revolutionizing every dimension of the insurance industry. While insurers, suppliers, insurance brokers and consumers are getting better at implementing DL and AI tools for the improvement of reasoning and productivity, cost minimization and the enhancement of the customer experience, this technological shift will be even faster. In this blog post, we are going to share with you four aspects insurers need to focus on and how they can get prepared so as to get the most out of this tech-driven transformation. The number of connected consumer devices will drastically rise in the near future.


How AI and Blockchain will Change the State of Insurance (Part 1)

#artificialintelligence

AI and blockchain technology are having a tremendous impact on the current state of insurance worldwide, not just in the most developed countries but even in countries with fewer resources. Just a decade or fifteen years from now, the landscape might look completely different, and the way insurance services are carried out for individuals may seem very unusual to the people of our days. AI and its related technologies will have a seismic impact on all aspects of the insurance industry, from distribution to underwriting and pricing to claims. Advanced technologies and data are already influencing distribution and underwriting to some degrees, with policies being priced, purchased, and bound in almost real time. The process of purchasing an insurance will increasingly be faster, with a diminished active involvement from the insurer and the customer.