Which 3 ways AI is likely to disrupt the Insurance industry at a massive pace?

Which 3 ways AI is likely to disrupt the Insurance industry at a massive pace?

Recently I attended a workshop, that addressed how AI is disrupting the insurance industry, with the keynote that while the insurance industry was always slow in embracing transformation, that’s not true anymore.

I was also reading through this article that coincidentally addressed a similar point.

Today, venture capitalists understand the huge potential for technologies like AI to revolutionalize insurance.

There are likely 3 potential areas where AI can bring “change” to an industry that is known for its stiffness & phobia to change –

1. Pricing based on behavioral patterns using Telematics, Wearable sensor data, Loss-prevention hardware, etc.

2. Superior customer experience & personalized coverages by automating buying process using chatbots that can gather geographic & social data for personalized interactions. Think about startups like “Lemonade” that raised one of the largest seed rounds in history with similar ideas.

3. Faster claim settlement through self-serviced claim reporting, virtual adjuster, automated adjudication & payment, & auto fraud management, all leveraging AI.

Please leave your thoughts & comments.