Here , we present the global megatrends that risk disrupting the insurance industry , and some of the insurtechs using AI to navigate an increasingly uncertain market
INSURTECH
Here , we present the global megatrends that risk disrupting the insurance industry , and some of the insurtechs using AI to navigate an increasingly uncertain market
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I nsurance is an industry that thrives on predictability . The more certain the outcome , the more insurance firms can be sure to offer fair rates and generate value for customers and shareholders alike . As such , it ’ s an industry that has been slow to adopt new technologies and adapt to global change . Today , however , change is here , and more is on the way .
Global megatrends , from the imminent arrival of the self-driving car to accelerating climate change , threaten to disrupt the insurance sector in a way that ’ s never been seen before . For players in the insurance space , knowledge and certainty represent security and survival , and those who fail to adapt risk being permanently consigned to the uncited Wikipedia subheadings of history .
To survive and thrive in the increasingly entropic age of the fourth industrial revolution , insurers are turning to cutting edge technologies like artificial intelligence ( AI ) and machine learning ( ML ) in order to better understand the world in which they
APRIL 2020