As digital transformation takes hold of every industry, the exploration of big data and AI and its integration into insurance services and products has also increased. Consequently, players in the sector should be prepared to reconsider the AI basics and clarify the ground rules to ensure their customers are not left exposed to the mismanagement of personal data or a security breach. It is important that insurance companies take this challenge seriously so they themselves can avoid another scandal such as that experienced with Cambridge Analytica.
There is widespread agreement that since the advent of AI and big data, the insurance landscape has seen a degree of change. By having the ability to turn data into insights, brokers can now grow profits considerably. Right now, the latest technologies are permitting insurers to delve into their past and ongoing data records, as well as analyse sources in the public domain, for example social media platforms, so they can build up a more complete picture of their customers’ profiles and offer the most appropriate products and services to them.
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There is widespread agreement that since the advent of AI and big data, the insurance landscape has seen a degree of change. By having the ability to turn data into insights, brokers can now grow profits considerably. Right now, the latest technologies are permitting insurers to delve into their past and ongoing data records, as well as analyse sources in the public domain, for example social media platforms, so they can build up a more complete picture of their customers’ profiles and offer the most appropriate products and services to them.
More >>>
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