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The AI in Business Podcast
The Short-Term and Long-Term Changes to the Insurance Industry with AI - with Haden Kirkpatrick of State Farm
Jan 16, 2024
22:01
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Haden Kirkpatrick, VP of Innovation and VC at State Farm, discusses the use of AI in the insurance industry, gathering data from devices such as smart homes and wearables, the future impact of AI technology on insurance, providing transparency and customer satisfaction, and understanding short-term and long-term changes in technology
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Quick takeaways
- Insurance companies are shifting towards 'know your asset' workflows, focusing on accurate verification and valuation of assets like vehicles and properties using AI.
- Collecting detailed data about customers' assets enables insurers to offer personalized services and products, such as maintenance notifications through mobile apps, fostering transparency and trust with customers.
Deep dives
Know Your Asset Workflows in the AI-Enhanced Insurance Space
Insurance companies are focusing on using AI to streamline service funnels and verify customer information. This shift is driven by the need to minimize risk, enhance cybersecurity, and provide a personalized experience. While in financial services, 'know your customer' functions are important, in insurance it's more about 'knowing the asset'. The future of insurance technology will involve asset verification, such as accurately identifying and valuing vehicles or properties. This data can be obtained from public records or through partnerships with companies like Samsung. Precise asset verification will enable insurers to offer customized pricing and faster claim resolution.
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