Insurance

Artificial intelligence and machine learning are behind a seismic shift in the insurance sector, which is expected to shift entirely from detect-and-repair to predict-and-prevent in the next 3-5 years.

Insurers are increasingly able to collect new, detailed data from customers’ connected devices – from cars to wearables. These massive volumes of granular data and associated fast-moving technological advances will enable insurers to create products and adjustments at unprecedented levels of personalisation for their customers.

Real-time insurance and automated underwriting are already starting to become the norm, with AI-enabled fraud detection, pricing and claims processing right behind them.

The more data an AI-based system has, the more accurate it becomes. Underwriting will improve and customer costs should decrease.

To keep up with innovative startups and retain customers, established insurers need to be on top of the technological developments in this sector – and understand how to utilise their biggest asset: data.

It’s crucial that data and new technology are intelligently integrated into existing processes.

All this can only be done effectively if a forward-thinking data strategy is in place, followed by expert implementation.