Trust Me, I’m a Robot – The Future of AI and Automation in Insurance
Technology is changing the way we live and consume service. Insurance has perhaps been the slowest to react to these changes but it is apparent that data is starting to drive personalisation and precision in insurance. “Real-time-risk-management” enabled by the “subscription model” is, in the very near future, going to become main stream in personal insurance. Advancements in data sciences coupled with a fourfold increase in the number of sensors is going to lead to a seismic shift in insurance models from the traditional insurance model of “Protection” to “Prevention”.
Key Takeaways: 1. Data is enabling a shift in the insurance model from protection to prevention.
Whilst Automation is going to help reduce processing costs, AI will provide deep insights and the ability to predict.
AI will enable insurance costs to be viewed as a “service charge” rather than an “annual tax”
Manan is a highly experienced insurance professional and a pragmatic business leader. He has previously lead Lockton’s Singapore business where he delivered organisation-wide changes and then went on to manage one of the largest acquisitions in the insurance industry. A Chartered Accountant by profession and now a technologist by trait, Manan is well regarded for his thought leadership. His career has spanned across the Americas, EMEA and Australasia. As Fujitsu’s Insurance CTO, Manan is responsible for defining the innovation strategy for the insurance sector. In his role he is a strategic advisor to the insurance sector on digital transformation and connected technology solutions.