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Where is the Industry Still Lagging Behind in Innovation and What Areas Would You Like to See Improved? | Akur8 at Insurtech Insights 2024
At Insurtech Insights 2024, Samuel Falmagne and Brune de Linares from Akur8 talked about the role of technology in the insurance industry, with a focus on how AI and machine learning are being used with purpose and direction.
Falmagne started by saying that insurance is, at its heart, a resilience industry. It moves slowly because stability is key for end customers and society as a whole. Decisions take time but that’s necessary to maintain trust. But Falmagne said insurers are using AI and machine learning – not just for the sake of new tech but to create real value for customers.
De Linares agreed and pushed back on the idea that the industry is behind the times. Instead she said it’s an industry that takes the time it needs to make the right moves. But she acknowledged there’s pressure to speed up – not because of internal delays but because the external world is moving faster than ever. She cited climate change, electric vehicles, changing mobility patterns and post-COVID customer behaviour as new and rapidly changing risk drivers.
These changes are forcing insurers to move faster than they used to. According to de Linares technology – especially AI and cloud based tools – is key to helping them keep up. By automating pricing cycles and speeding up product development insurers can stay relevant in today’s fast paced world.
In short Falmagne and de Linares painted a picture of an industry that is stable by design but ready to move with the times, using AI not as a trend but as a practical tool to meet changing risks and customer expectations.
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