How much will AI influence insurance in the next decade? Pt. 2

Cath Sandoval
Copywritter

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The sudden change that occurred in the last year, 2020, came overnight and organizations had to adapt to remote working and expand their digital capabilities. While most companies probably did not invest in AI during the pandemic, the increased emphasis on digital technologies and a greater willingness to embrace change will put them in a better position to be able to engage AI in their operations.

As a promise is a promise, here we share with you the trends that we missed in the previous article, which will complement and highlight the importance of constantly renewing companies to serve as development for their future:

3. Rise of data and open source ecosystems

As more data is in many places, open source protocols will emerge to ensure that data can be shared and used across industries. Many public and private entities will come together to create ecosystems to share data for multiple use cases under a common regulatory and cybersecurity framework.

An example of the above, is that portable data could be transferred directly to insurance companies, and data from connected homes and automobiles could be made available through Amazon, Apple, Google and a variety of consumer device manufacturers.

All this would make interoperability possible, which is really beneficial in a world where we are connected at all times, by enabling the ability to communicate between different systems and different data, so that information can be shared, accessible from various environments and understood by any of these.

What are the benefits?
  • Ensures barrier-free communication between all stakeholders associated with a traditional insurance company: insurance banks, startups, brokers, brokers and end customers.
  • Increases customer satisfaction.
  • Improves service quality.

4. Advances in cognitive technologies

Neural networks and other deep learning technologies currently used primarily for image, speech and unstructured text processing will evolve to be applied in a wide variety of applications. These cognitive technologies, which rely on the human brain’s ability to learn through decomposition and inference, will become the standard approach to processing the large and complex data streams that will be generated by “active” insurance products linked to behavior and occupations.

With the increasing commercialization of these types of technologies, operators will have access to models that are constantly learning and adapting to the world around them, enabling new product categories, while responding to changes in risk or behavior in real time.

Although technology has been by our side for years and has massified enormously, the truth is that in some industries it has taken a long time to arrive for one reason or another. That is why we must take advantage of the opportunities we have in our hands.

The insurance industry has not been as fanatical about technology as it would like to be, but new clients and trends are forcing it to move as fast as possible in order not to fall behind and keep up.

With artificial intelligence as a support, the insurance industry will be able to improve and create new products and services that are more accurate and useful, thus guaranteeing the satisfaction and recommendation of happy customers.

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Cath Sandoval

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