In a recent post, Bernard Marr, a seasoned expert and author in all things related to the digital economy, observed that insurance is one of the industries most likely to be disrupted by advances in artificial intelligence and machine learning.
Along with healthcare and finance – which intersect the insurance sector in a major way – insurance will start seeing some major changes as artficial intelligence (AI) gains ground as a decision-making tool. Marr predicts that the AI and big data-inspired transformation of insurance has “already begun, with companies like Progressive offering discounts of you agree to put a little monitoring device in your car that lets them know whether or not you’re a safe driver.” Next on the horizon is wearable devices that health insurers could conceivably offer to policyholders in exchange for lower rates. “If your heart rate, blood pressure, activity levels and other things indicate you lead a healthful life, you get a discount.” Soon, autonomous cars may be a frontier for insurance AI as well. There are also applications in agriculture, in which, following a hailstorm, for instance. “Sensor data and satellite imaging, combined with weather data, can instantly assess whether or not you have a claim, eliminating the need for certain claims agents.”
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