TECHNOLOGY
providers are gaining access to , AI will continue to drive the industry to a proactive prevention model . Whilst all innovation must occur with privacy and data protection at its core , improved data access will allow insurance providers to play an important role in creating premium policies that benefit both customer and provider by encouraging everything from innovation in healthcare provision to road safety – these policies will save lives and drive down the costs of premiums , making this a win-win situation for all .”
What next for the insurance industry ? As technology evolves , insurers will seek to derive even greater value for customers and create more effective decision-making within the claims process – whether that means preventing loss before it happens , or making better use of data to analyse claims once it has .
Laiye ’ s Neil Parker says : “ Insurers need to start looking more holistically at the way they use AI and ML . With a huge amount of data , ML can unlock opportunities for improved propositions , underwriting decisions , claims decisions , and greater customer insights . I would like to see insurers invest in a full end-to-end customer experience that is orchestrated on an integrated intelligent automation platform .
“ What do I mean by this ? A platform that has all the intelligent automation capabilities you would expect – OCR , NLP / NLU , ML , AI – wrapped up with Conversational AI , and augmented with internal data from the insurer and external data sources ( such as for KYC ). The outcome is that information needed from the customer in respect to the insurance needs is minimal and the rest of the processes , all the way through to claim , are automated without human touch .”
Over the last few years , insurers have benefitted from new lines of business – like the increased demand for cybersecurity insurance – as well as new distribution channel opportunities , including online retailers . Parker expects that , in the next few years , these will continue to increase .
“ In 10-15 years , these will grow and new ones will come in , which means insurers must be able to use past and current data to accurately predict and assess risk . Using intelligent automation , insurers can capitalise on the ‘ forgotten ’ data of individuals and markets . This will help deliver a more accurate risk assessment and price going forward .
“ However , the more significant change and impact of digitisation is possibly on the workforce . As digitalisation continues to
insurtechdigital . com 125