Some Insurers Banned AI — Will Insurtech Bring It Back?

Feb 7, 2024

Ask episode

Chapters

Transcript

Episode notes

Insurance is a topic of perennial interest, but it is not often discussed for furthering cutting-edge technologies like generative AI and machine learning. However, Insurtech, with its ability to redefine business models and leverage cutting-edge technologies, has left an indelible mark on the insurance industry landscape.

Whether it’s a homeowner navigating insurance policies or an industry professional charting the course for future business growth, Insurtech’s broad reach has enabled companies to take on new types of risks to reshape risk management strategies in the face of evolving climate risk and changing regulations.

In this episode of Core Conversations, host Maiclaire Bolton Smith sits down with InsTech CEO Matthew Grant. The two unpack just how far the industry has come and how far things still need to go as bleeding-edge technologies come to the forefront of the international conversation and stand to bridge the gap between this traditional industry and the evolution of consumer expectations.

In This Episode:

3:13 – How insurance won out over technological innovations, leaving homeowners to purchase policies in a traditional manner.

4:22 – So why did technology revolutionize the way insurers underwrite policies?

7:22 – As data leads to increased visibility for risk, how does that affect insurers ability to offer coverage?

8:40 – How tech tools put the power in the hands of a policyholder to speed up the claims process.

10:17 – Where does AI have the most potential to expedite the claims process?

12:52 – Erika Stanley goes over the numbers in the housing market with The Sip.

13:55 – Will generative AI and algorithmic underwriting define the future of insurance decisions?

16:05 – Why has reinsurance been so quick to adopt new technology?

18:43 – Erika Stanley talks about what is happening in the world of natural disasters.

20:21 – Is the Insurtech revolution over, or is it only beginning?

Links:

Up Next: How Will Property Data Help Manage the California Insurance Crisis?

Find full episodes with all our guests in our podcast archive here: https://clgx.co/3HFslXD