Monday, June 17, 2024

Future Predictions for AI in the Insurance Industry

In this video Yannick Even, the head of digital and smart analytics in APAC, for Swiss RE shares some of his predictions for how AI will be used in the insurance industry from now on.

Firstly he was able to give us an overview of how deep learning technology is already helping insurers automate and digitise certain processes in order to create a cost effective service.

The advancement of car technology has not only reduced the risk to the driver but has also provided a vast swathe of data that can help provide meaningful customer insight and be integrated into the insurance pricing model.

“The risk model is a bit less about how you drive (although still there) and more about integrating security data in the car that reduces accident risk.”

This is currently scaling and being deployed in retail and fleet management. As for the long term effect of AI he touched on ways in which Generative AI may have more of an impact. In fact, despite its recent popularity, they’ve been looking at it for a while.

The main question is how do companies upskill their employees and professionals to properly use this technology to their advantage. The rise of Deepfake technology also presents a number of concerning challenges for insurers both in terms of insuring people against fraud and also tightening the barriers to fraud in the insurance process.

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