“ In 10-15 years ’ time , I see the insurance industry as having almost fully automated , AI-assisted end-to-end processes ”
MEGAN BINGHAM-WALKER CO-FOUNDER AND CEO , ANANSI TECHNOLOGY
are clear , the future for the industry is rooted in technology .
“ After a long period where insurtech was ‘ nibbling at the edges ’ of our industry , today it has taken centre-stage . To paraphrase Brian Moynihan of Bank of America , the successful insurers of the future are clearly technology companies and need to be at the cutting edge of digital innovation . Insurtechs are the fastest and smartest route to that goal ,” says Bingham-Walker .
“ In 10-15 years ’ time , I see the insurance industry as having almost fully automated , AI-assisted end-to-end processes . Ranking algorithms will ensure that product recommendations will be precisely tailored to a policyholder ’ s needs . Very few questions will be asked during the onboarding process because natural language processing will be applied across diverse , pertinent data sources from public databases to social media data to support the initial risk assessment . This will both streamline the process , reduce repetition and human data transposition errors during the application process .”
Mullins agrees . “ Human-AI collaboration is essential in helping mitigate the risks of AI . This involves developing AI systems that understand their limitations and when they need human guidance , as well as how to communicate with other agents and humans . This creates a much more intuitive and efficient relationship between humans and AI – and ultimately a more responsible and ethical outcome for the lives affected .”
Bingham-Walker concludes : “ AI-supported risk profiling will feed into real – time dynamic pricing decisions . When claims arise , the processing will be largely automated , supported by machine vision and natural language processing .”
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