“We are extremely pleased that MOA is part of the RT Specialty team,” says R-T Specialty President and CEO Timothy W. Turner. “MOA’s focus on unusual risks is a perfect fit for R-T Specialty. With its addition to our team, we will be able to provide clients additional resources and strengthen our presence in Texas.”
Human oversight would still be needed, especially for underwriting, industry experts say. Yet linking voice recognition with AI engines will put insurance agents jobs at risk, they add.
One particular focus of attorneys general in the insurance space will likely be companies' use of AI in underwriting.
More than one-third, 37%, of customers who use AI to research insurance options changed their policy as a result.
Andrew Engler, CEO and co-founder of the insurtech, shared that if a property owner is willing to invest in reducing the possibility of a catastrophic loss, it should translate into insurance value.
To find the most success with AI, insurance companies should view it more as a way to fundamentally rework processes, according to the experts who write for InsureThink.
Introducing insurance options during the auto purchasing process correlates to a 20% boost in finance and insurance gross, according to Polly's Q2 embedded insurance report.
