Simon Cooper Consultant
Chapter 1 - Artificial Intelligence
The rapid development of artificial intelligence(AI) is bringing about fundamental changes to the insurance industry. In the long term, organisations that are slow to embrace this new technology will struggle to compete and to retain their place in the market.
In the insurance sector, the use of AI is known as ‘insurtech’. This is an elastic term that includes the use of complex algorithms to analyse data and associated technologies such as chatbots, robotics, telematics and gamification. Blockchain may also be included in this definition.
These innovations are impacting the consumer market and the markets servicing small
and medium-sized enterprises, and it seems inevitable that as the technology beds down, it will expand into more complex risks.
The discussion that follows provides an overview of the current and future use of insurtech and also seeks to highlight some of the commercial, legal and even philosophical issues that its use will raise.
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