AI, Blockchain and IOT are the Blueprints for a New Insurance Infrastructure
The usage of primitive technique to provide a service to the client in insurance is one of the drawbacks that can hold companies from rapid growth. Whereas in technological companies, senior managers find a way to reuse previous work to keep selling, the insurer depends on hiring and training people to keep new customers satisfied. The urge of automation to ensure better customer relation management, companies finance administration, item tracking, analysis and forecasting is in high need. Artificial intelligence as technology has shown an impressive result on many subjects in recent years. Based on the UK Parliament white paper (parliament , 2019) AI and Blockchain is one of the concepts to start the fourth industrial revolution in the UK. Consequently, insurers must adapt quickly to the work environment changes. Blockchain can be used as a source of trust to build a system resilient to cyber-attacks and automate authentication procedures for a better-automated communication between the client, the finance department, ensured service and the underwriter . Moreover, the AI techniques can be incorporated in steps such as the risk assessment using speaker identification algorithms, finer details extraction from a speech to provide a score for each call, premium forecasting and automated policy generation. Thirdly, the Internet of things is the tracking device for each insured product to generate data that will be a subject of analysis and prediction. The combination of the above three technologies is the key to the new infrastructure of the insurance industry.
Mohamed Ikbal Nacer is a PhD student at the university of Bournemouth. He had enjoyed being within some technological companies such as Ooredoo Group, Etas which is a subsidiary of the Bosch Group and he is very interested to bring technological solution to revolutionise the way companies handle day to day business. His research is focused on the automation of decision making and how to apply all those theories to make insurance companies enjoy the rapid growth that can be exhibited by their Technological counterpart.