Artificial Intelligence

How much will AI influence insurance in the next decade? Pt. 1

Technology is advancing by leaps and bounds and does not look back, which is why over the next few years we expect endless opportunities thanks to the massification of artificial intelligence in many industries.

Can you imagine the insurance industry being more influenced by technology? The truth is that this will be the case in the next decade and we must prepare ourselves now so as not to be left behind and to be able to achieve more competitiveness, differentiation and influence.

How do you think your customers would feel if you provide them with timely communication, facilities to contract new products and services that are tailored to their needs, secure processes and interconnected platforms that work 24/7?

It sounds a bit utopian to think that one of the industries that has had the hardest time getting out of its comfort zone can grow and develop to the point where it does not need manual labor, paperwork and long response times, doesn’t it? However, it is projected that within a decade, the insurance industry will undergo a metamorphosis as a result of artificial intelligence.

With the new wave of deep learning techniques, artificial intelligence has the potential to fulfill its promise of mimicking the perception, reasoning, learning and problem solving of the human mind.

In the same vein, technological evolution will enable insurance to move from its current state of «detect and repair» to «predict and prevent,» transforming all aspects of the industry in the process.

As AI becomes more deeply integrated into the industry, carriers must best position themselves to respond to the changing industry landscape. In that regard, insurance executives will need to understand the factors that will bring change and how AI will transform everything. Here are some of the technology trends that are enabled or enabled by artificial intelligence:

  1. Data bursting from connected devices: many industries have connected equipment with sensors, however, over the years this will increase.

The penetration of existing devices such as cars, fitness trackers, home assistants, smartphones and smartwatches will continue to grow rapidly. It is estimated that there will be up to one trillion connected devices by 2025.

The avalanche of new data created by the aforementioned devices will enable operators to understand their customers more thoroughly, resulting in:

  • New product categories.
  • More personalized prices.
  • Real-time service delivery.

And on the other hand, we get:

2. Major heyday of physical robotics

The field of robotics has had many achievements today and this innovation will continue to transform the way people interact with their surroundings. 3D printing will radically reshape the manufacturing and commercial insurance products of the future and it is expected that by 2025, 3D printed buildings will become more common and how this development changes risk assessments will need to be evaluated.

Related to the above, programmable autonomous drones; autonomous agricultural equipment; and improved surgical robots will also be more widely employed. By 2030, a much higher proportion of standard vehicles will have autonomous features such as driving.

We want to expand a little more on the subject, but in order not to make this article so long and heavy, we invite you to wait for the second part, which is quite interesting, so if this technology has not yet convinced you with everything you have read, with the second part it will.

Expect it soon!

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