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In this series of articles, we have been examining digital trends that will shape the future of the insurance industry. The models emerging from these pivotal trends will continue to transform the industry over the next decade, transforming insurance into a fully digital universe.
While Artificial Intelligence (AI) has gained traction with enterprises in other industries, insurance providers have been slower to adopt. In 2016, research by Deloitte noted that less than 2 percent of insurance companies were currently investing in artificial intelligence technologies.
So, what exactly is driving this insurtech surge, and how can companies and entrepreneurs in the space be successful?
Three insurance companies – Travelers, Coalition and Resilience – were among the attendees at the White House cybersecurity summit, along with giant tech companies and officials in the Biden administration.
Zurich Insurance, one of the world’s leading insurance providers, with the help of Blue Prism has implemented a fresh robotic operating model (ROM) to great effect, scaling intelligent automation (robotic process automation fueled with AI) and providing its people the right skills for an ever-changing workplace.
Alongside significant investments in its own digital capabilities, Manulife wants to work with ‘hundreds’ of outside innovators, says CEO Roy Gori.
A recent report produced by McKinsey & Company, explored the plethora of ways in which the insurance industry is partnering up with IT- particularly in relation to Artificial Intelligence (AI), and to what extent this is likely to affect the industry in the next decade or so.
Willis Re’s global head of insurtech tells Insurance Times why he expects funding in this sector to increase and why the term ‘insurtech’ could lose its value in the long term
AXA XL, the property & casualty and specialty risk division of AXA, expands regional underwriting capabilities with the addition of senior environmental underwriters –Lindsay Judd, Jay Kao, Angela Case and Igor Pavlo. AXA XL also announced the promotion of Jeffrey Anastasio to lead its Environmental Claims team in North America.
Zurich Insurance Chief Executive Mario Greco wants governments to levy a carbon tax and remove the incentive for socially irresponsible companies to maximize profits by polluting the environment, he told Reuters.
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