Analyst Report

Future of Insurance Data

Future of Insurance Data – AI and automation will revolutionize the insurance industry in 2020 and beyond.

Change looks set to sweep the future of the insurance industry in the coming months and years, as its data leaders race to embrace new data-driven technologies. This exclusive report explores what insurers can do today to stay ahead of the curve, with expert insights from data leaders who attended our Risk Intelligence and Realising Risk roundtables in New York and London.

Alan Luu, AVP of Advanced Digital Analytics at Chubb, reveals how the company is using AI-driven technologies to refine business processes, improve customer experiences and make better decisions. Steven Wilkins, Head of Data Labs at Hiscox, outlines how his team is responding now that unprecedented disasters are exposing the limitations of traditional cat modelling. AIG Analytics Technical Officer Shajy Mathai and Allianz Insurance Head of Technical Data Chris Wyard give their takes on how the industry should tackle its data quality problem. What’s more, our attendee survey provides an exclusive snapshot of where the industry currently is on the path to data maturity.

AI is coming to disrupt the insurance industry. From Ping An in China to Lemonade in the US, companies across the globe are harnessing AI technologies to drag the sector into the 21st century.

As with the transformations that are taking place in other financial services verticals, data-driven start-ups have been among the first to fully embrace AI. But their success has served as a wakeup call to more established industry players, who have been quick to develop their own capabilities.

“By the end of next year, AI and machine learning will take a major part of the quoting system,” says Alan Luu, AVP of Advanced Digital Analytics at Chubb. “All the major insurance companies will either be there or must catch up – otherwise, they’ll be way behind.”

How AI and automation will revolutionize the insurance industry in 2020 and beyond