How AI Regulation Is Developing In The Insurance Industry
2021 has seen a material acceleration in regulatory interest and posturing regarding the use of AI — both within insurance and more broadly.
December 20, 2021
9:22 pm
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2021 has seen a material acceleration in regulatory interest and posturing regarding the use of AI — both within insurance and more broadly.
With the flow of COVID-related business interruption (BI) claims payments nearing its end, in 2022 insurers will focus on strengthening their brands and customer relationships following the BI crises in 2020 and 2021.
Increased deal activity and the use of M&A insurance has led to a record rise in the number of notifications, according to a new report by Howden M&A, an international M&A insurance broker. However, the COVID-19 outbreak did not result in a surge in the volume of claims or the number of coronavirus-related break events that had initially been anticipated.
The industry is on the verge of a seismic, tech-driven shift. A focus on four areas can position carriers to embrace this change.
2021 has been a record year for insurtech funding. As of Q3 2021, more than US$10.5 billion had been raised by companies in the space year-to-date (YTD), surpassing 2020’s total of US$7.1 billion by nearly 48%, data from insurance advisory firm Willis Towers Watson show.
2021 ended up being a bumper year for M&A deals and also for M&A insurers.
The emergence of next-generation technology solutions such as artificial intelligence, machine learning, predictive analytics, cloud and edge computing is causing a seismic shift in the insurance market – disrupting the outdated, typically protection policy-focused model.
Advancements in this breakthrough technology are spurring innovation across the insurance industry, including coverage for crops, flights and travel delays, shipping and live events.
The gap between the best-performing cyber insurers and the worst-performing will widen in 2022, according to the CEO of cyber risk analytics specialist, CyberCube.
There are some negative phenomena that are foreseen for the following year, which are part of the ravages that this pandemic has left.
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