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How AI is transforming the insurance industry: from passive to active pricing policies.

Due to IoT, Chatbots and Machine Learning, the insurance industry is about to go through a huge transformation. IoT will generate huge amounts of data that which allows insurance companies to actively respond to behaviour of their clients.

Possible AI-powered Applications for the insurance industry

Behavioral pricing

Informing people with actual potential risks, such as a dangerous driving style, increasing the insurance price at that specific moment.

Customer Experience

Faster onboarding of new clients and a smoothless interaction with clients by the use of chatbots.

Faster claim settlements

AI has proven to be able to settle a claim in three seconds - rather than the current amounts of a couple weeks.

By 2030, AI will inform every major decision an insurance company makes.

The insurance sector has already invested $124 million in AI, compared to an average of $70 million invested by other industries.

Key components

Main type of claims: Cars, Health, Casualty, Life, Burial, Property.

Global footprint

Advanced economies account for the gross of global insurance. Europe was the most important region with premium income of $1.62 trillion, followed by North America $1.409 trillion and Asia $1.161 trillion.

Threats

Disruptive startups, saver environments that reduce the amount of damages (self driving cars).

What value can bring Data Science & AI to your insurance company?

Data capturing

Using smart cameras, nodes and IoT sensors, you can gather more information about the developments of your goods.

Machine Learning

Using deep learning techniques and image recognition, you automatically convert your data to actionable insights.

The data ecosystem

Connecting data sources from different stakeholders in the value chain (seed companies, equipment manufacturers, traders and software developers), you can create an ecosystem and profit from large scale data analysis.

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