Experts estimate there will be up to one trillion connected devices by 2025. The penetration of existing devices (such as cars, fitness trackers, home assistants, smartphones, and smart watches) will continue to increase rapidly, joined by new, growing categories such as clothing, eyewear, home appliances, medical devices, and shoes. In industrial settings, equipment with sensors have been omnipresent for some time, but the coming years will see a huge increase in the number of connected consumer devices. While most organizations likely didn't invest heavily 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 incorporate AI into their operations.įour core technology trends, tightly coupled with (and sometimes enabled by) AI, will reshape the insurance industry over the next decade.
#Invisor underwriting millions customers upgrade#
Virtually overnight, organizations had to adjust to accommodate remote workforces, expand their digital capabilities to support distribution, and upgrade their online channels. The disruption from COVID-19 changed the timelines for the adoption of AI by significantly accelerating digitization for insurers. Four AI-related trends shaping insuranceĪI’s underlying technologies are already being deployed in our businesses, homes, and vehicles, as well as on our person. With this understanding, they can start to build the skills and talent, embrace the emerging technologies, and create the culture and perspective needed to be successful players in the insurance industry of the future. Insurance executives must understand the factors that will contribute to this change and how AI will reshape claims, distribution, and underwriting and pricing. The pace of change will also accelerate as brokers, consumers, financial intermediaries, insurers, and suppliers become more adept at using advanced technologies to enhance decision making and productivity, lower costs, and optimize the customer experience.Īs AI becomes more deeply integrated in the industry, carriers must position themselves to respond to the changing business landscape.
In this evolution, insurance will shift from its current state of “detect and repair” to “predict and prevent,” transforming every aspect of the industry in the process. artificial intelligence (AI) has the potential to live up to its promise of mimicking the perception, reasoning, learning, and problem solving of the human mind (Exhibit 1). With the new wave of deep learning techniques, such as convolutional neural networks, 1 Convolutional neural networks contain millions of simulated “neurons” structured in layers. In fact, all the technologies required above already exist, and many are available to consumers. While this scenario may seem beyond the horizon, such integrated user stories will emerge across all lines of insurance with increasing frequency over the next decade. If the vehicle is drivable, it may be directed to the nearest in-network garage for repair after a replacement vehicle arrives. By the time Scott gets back to the driver’s seat, the screen on the dash informs him of the damage, confirms the claim has been approved, and reports that a mobile response drone has been dispatched to the lot for inspection. His personal assistant instructs him to take three pictures of the front right bumper area and two of the surroundings. As soon as the car stops moving, its internal diagnostics determine the extent of the damage. When Scott pulls into his destination’s parking lot, his car bumps into one of several parking signs. The additional amounts are automatically debited from his bank account. It also alerts him that his life insurance policy, which is now priced on a “pay-as-you-live” basis, will increase by 2 percent for this quarter. Scott’s assistant notifies him that his mobility insurance premium will increase by 4 to 8 percent based on the route he selects and the volume and distribution of other cars on the road. Scott’s personal assistant maps out a potential route and shares it with his mobility insurer, which immediately responds with an alternate route that has a much lower likelihood of accidents and auto damage as well as the calculated adjustment to his monthly premium.
Upon hopping into the arriving car, Scott decides he wants to drive today and moves the car into “active” mode. His digital personal assistant orders him a a vehicle with self-driving capabilities for a meeting across town. Welcome to the future of insurance, as seen through the eyes of Scott, a customer in the year 2030.
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