How Will AI Have an Impact on the Future of Insurance?

How Will AI Have an Impact on the Future of Insurance?

Posted on September 19, 2019

Several integrated user stories have popped up recently about the development of technology where insurances are concerned. New deep learning techniques have started to be employed that can mimic the problem-solving capacities and thinking capabilities of the human mind. With this current technology, insurance is slowly moving away from detection and repair and towards prediction and prevention. It will customize user experience with the added advantage of enhanced decision making, lowered costs, and higher productivity. There are 4 AI-related trends that will change the insurance game:

  1. The explosion of intel collected from connected devices
    In industries, sensor equipped devices are already present. But the future will see a boom in connectivity in consumer devices. All human belongings will seem to be connected to personal clouds or systems. The data produced by these will help understand the consumers and their lifestyle much better. This will subsequently help in decoding the possible risks one can expose themselves to according to their daily routine.
  2. Presence of physical robots
    Robotics has seen an upsurge in development and soon the world of human-robot interaction will see steady growth and widespread reach. It is estimated that by 2025, 3D printed buildings will come into existence, thus these developmental changes will have a restrained risk quotient. Surgical robots will be available for use very soon which will diminish human error to mere decimals. With the increase in machines around us, customers will anticipate lesser risks and new products and channels can be established.
  3. Open source and data ecosystems
    With the exponential increase in personal data, new protocols will have to be established where sharing personal information among industries will become smooth and hassle-free. Public and private companies may join hands to form ecosystems where they can share data under a single network framework.
  4. Cognitive technologies
    The present deep learning technology is exclusively used for processing vice, images and unstructured texts. But soon they will have to evolve for application in a variety of other processes. This information and data processing software will make sure that the insurance company is intimated about the daily activities and lifestyle of an active insurance holder. This will help the company in gauging the possible risks their customer might come into and work out ways of avoiding such advances.

With the development in the aforesaid technologies, the insurance market will see new players and partnerships. It will prevent unforeseen circumstances as much as possible.

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Interested to know more?

  1. How Data Analytics is Changing the Insurance Industry?
  2. Why Outsource Accounting Services for your Insurance Business?
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