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INSURANCE
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AI , machine learning ( ML ) and a host of other new solutions to the space . This digital transformation has seen a huge diversification of services and streamlining of operations begin to sweep the industry . Like challenger banks a few years ago , insurtech firms are offering “ ultra-customised policies , social insurance , and using new streams of data from internetenabled devices to dynamically price premiums according to observed behavior .”
More and more new applications are being applied and developed in this emerging industry . Here is a run through of some of the key technologies behind the digital transformation of this industry , and an introduction to the startups behind their rapid adoption .
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Chatbots have been around since before the internet . The very first one , called ELIZA , was built in 1966 by MIT professor Joseph Weizenbaum . It used a pattern matching system to simulate a human conversation and gave a series of scripted responses designed to have it play the role of a therapist . In the 53 years since then , chatbots have grown increasingly sophisticated . Today , they ’ re a vital part of the way companies interact with their customers , with applications covering everything from content delivery to conversational ecommerce . By 2025 , the global chatbot market is expected to reach $ 1.25bn .
A report released last year by IT services company Cognizant is
“ Chatbots are integral to many enterprise initiatives focused on business modernisation and digital customer experience ”
— Cognizant
MARCH 2020