Insurance – AI / Big Data
The insurance industry tends to be conservative with massive national brands, products, and underwriting methodologies that have not changed significantly in decades. Insurance companies, in all lines of business, already have large amounts of data and have numerous repetitive processes, but the proliferation of smart devices (phones, doorbells, automobiles, medical devices, appliances, etc.) is creating an avalanche of new data. This is allowing the smartest insurers, despite historical challenges, to begin adopting artificial learning and big data initiatives by partnering with technology firms and investing in insurtechs. Personal lines insurers have taken the lead to date, but Commercial lines are accelerating their efforts, while Life and Health insurers already have significant efforts underway.