The word AI is a buzzword that appeared in recent years, especially in the Fintech and InsurTech industry. We can hear this word in almost every presentation and conference and meeting with entrepreneurs who show us their ideas.
What is the connection between AI and insurance? The insurance world is a world of logic. For example – it is covered or not? Can the customer be insured or not? And more. The questions and answers are always answered yes or not. Logic. So the concept of AI is very relevant to the InsurTech world. But how relevant is AI to insurance? We need to investigate the matter. Here the word intelligence enters the process. Understand the correct way to provide the correct solution
Today, the use of AI is minimal in the insurance world. There are a small number of applications and several start-ups that are already operating and well recognized in the field such as DataRobot, ControlExpert, Tractable. The world of insurance is supposed to be a leading consumer of AI technologies, and therefore this field is expected to grow significantly in the coming years in the InsurTech Segments.
Where are the difficulties for AI to growth in the insurance world? The old world has difficulty to accept the new world. It’s hard to accept change. But we are already seeing changes. So how AI applications will penetrate into the insurance world? The openness of AI in the insurance world will begin where rapid business value can be created, such as chatbots services, which will reduce operational manpower, such as reduce fraud and improve processes that will help to reduce the expenses