The global insurance market is in the midst of a game-changing course correction that will re-define ‘business as usual.’ A ‘digital first’ urgency is sweeping across the industry driven by a new generation of consumers, data, automation and Artificial Intelligence. Being in constant dialogue with decision-makers across the industry, Norman Broadbent has pieced together a summary of some of the top trends shaping the insurance industry, and outlined how digital technologies are driving irreversible change.
Artificial Intelligence (AI) and Automation in Claims
Robotics and AI will be at the centre of change in the Insurance space. This is driven by new data channels, better data processing capabilities, and advances in AI algorithms. For example, InsurTech company Lemonade’s business model deploys AI and behavioural economics as core elements.
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