Simon Cooper Consultant
Chapter 1 - Insurtech and Artificial Intelligence
The rapid development of converging technologies is bringing about fundamental changes to the insurance industry. In the long term, organisations that are slow to embrace these new technologies will struggle to compete and to retain their place in the market.
In the insurance sector, the use of technology to innovate or disrupt is known as ‘insurtech’. This is an elastic term that takes in the use of new technologies by both start-ups and incumbent insurance companies to transform access to and analysis of data, build new products, drive customer engagement and squeeze inefficiencies from the current insurance model. Technologies such as telematics, the internet of things including smart home technologies, aerial imagery and drone technologies are giving insurers new ways to access data while developments in artificial intelligence (AI), machine learning and natural language processing are enabling insurers to process, analyse and gain insights from these large data sources.
Associated technologies such as chatbots, robotic process automation and gamification are being deployed to reach new customers and enhance consumer experience. Many insurtech projects are exploring the use of blockchain and distributed ledger technology to disrupt the value chain, enable new applications and improve efficiency in the insurance sector
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