AI
Wayne Butterfield : AI comes in many forms , but the most prevalent in the insurance market at present are conversational AI ( used for frontend customer service ), machine vision ( used for damage appraisal and claims ) and machine learning ( used in underwriting and premiums ).
AI isn ’ t universally used in the insurance industry , but most insurers are using some form of it .
What trends in technology are we seeing emerge ? Paul Donnelly : Across the globe and among my user community ( EMEA ), a variety of technology trends are emerging within the industry , all with the common goal of significantly bettering the end-customer ’ s experiences . Despite the destination being the same for each region , they ’ re certainly at different stages on the journey .
Some markets are currently experiencing the important shift from paper forms to digital on a like-for-like basis . Others are implementing digital onboarding capabilities and automated underwriting to streamline the interview process . Elsewhere , markets are using non-interview data to reduce the number of questions asked of the applicant and the duration of the interview , while others are using Machine Learning and AI techniques to route applicants through the most efficient path for them to provide the best user experience .
The crucial component that ties them together is the use of data to support and optimise the journey and their understanding of the business . We don ’ t expect this to change anytime soon .”
Brian Mullins : Usage-based insurance has been a central part of insurance portfolios
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