AI and Commercial Insurance — The Future is Here?
A superb infographic was released this week from the clever people at intelligentinsurer.com - Here’s an extract:
Having surveyed over 300 commercial insurers it seems clear the industry has reached a tipping point — at least in respect of how they reply to surveys. The overwhelming majority of respondents now firmly believe the wind of technological change (in the form of AI) is coming to one of the quieter backwaters of the insurance sector, commercial.
Who is still in denial?
As a company that tries to be an agent of change in this sector in Asia for SME insurance (an Insurtech, in the jargon), one of the standout lessons I’ve learned in the last three years building Inzsure.com is that this sector is slow to adopt new ideas. I’m still not quite sure where the headwinds come from but will try and develop some themes in this article.
The Insurers
At first glance, and as shown in this survey, it doesn’t seem to be the markets themselves that don't understand the need for change. Whilst it’s true that many insurers are still using antiquated technology throughout the region there has been a move to change. There are still several global players who continue to use AS400 as part of their core underwriting technology — for internal closed systems there hasn’t…
