The adoption of Artificial Intelligence to revolutionize the Insurance sector

After the trade market and the insurance industry is another sector where it is it is difficult to foresee the next big paradigm shift. Insurance companies are often on fragile ground and facing huge obstacles when it comes to adopting.
new fluid and intuitive technologies. Considering the fragile scenario and natural disasters, the insurance industry is slowly but steadily adopting digital solutions to solve some of its main pain problems.
Many examples of digital developments can be observed in the industry, for example, the use from NLP technology to improve the customer experience in health insurance to fight against insurance fraud.
Similarly, the adoption of AI in life and non-life the insurance sectors allow fast processing of claims and better customer services. In addition, the image processing component of AI in insurance is used to do a property damage analysis. The same machine can be used to make a informed financial decision using sophisticated algorithms.
Indeed, AI can speed up and simplify procedures such as subscription, fraud detection.
, discovering the needs of policyholders, sales management, and customer support. As several advantages are linked to the incorporation of artificial intelligence in the field of insurance, a number of insurers using artificial intelligence to develop risk models for decision-making and elimination-manual nating inputs are increasing.
Artificial intelligence, like convolutional neural networks, has a great potential to keep its promise of reproducing observation, reasoning, learning, and problem solving of the human mind with a new wave of deep learning- ing is coming. As a result of this advance, insurance can go from detection and correction to prediction and prevention, moving all parts of the transaction in the methods.
Organizations plan to integrate more and more AI into their daily lives insurance workflow. Insurers can benefit from machine and natural learning language processing in various ways, especially in terms of saving time and reducing costs, and increased profitability. AI can also help eliminate human errors in in addition to saving time and money. The actors of this ecosystem seem to understand the benefits of adopting AI in insurance. Some investors believe that AI would transform the insurance industry while others believe that AI would improve staff productivity.
The market leaders are optimistic and confident that the benefits of AI will be reaped bring insurance. It has been predicted that AI will improve labor productivity from 10% to 40% in 11 Western developed countries and Japan by 2035. If this optimistic forecasts hold, economic growth will almost certainly quadruple by 2035. Not only insurers, but also consumers are quickly noticing the advantages AI. Consumers in the United States are comfortable using chatbots to apply for insurance. The insurers that are using AI to offer more personalized plans are also acceptable for consumers.
a. Insurers’ investments in AI are increasing:
Increased investment in AI has accompanied a better understanding of its advantages; this is why insurers are investing heavily in AI technology every year. This is a market where AI spending is expected to skyrocket. in addition, corporate interest in insurtech companies has also led to in some important financings.
b. Startups have a lot of potential:
There are now about 1500 Insurtech startups active in the world but it is worth mentioning the initiatives of Inspekt Labs, Cognitiv+ and Cytora. Inspekt Labs, one of the first companies listed by Metrics, creates soft- articles that use computer vision and machine learning to automate the asset inspection process for automobiles, goods and consumer products using photographs and videos generated by smartphone. Another classified startup,
Cognitiv+, creates an AI platform that collects contract data, policies and legislation to provide companies with legal information on data. Cytora is working on an AI-based subscription solution. The system evaluates risks to determine fair prices and increase profits by lowering loss ratios.

c. Use of unstructured data:
Currently, insurance companies have a lot of money. They have amassed mountains of information about people, houses and companies over time years. However, it is frequently locked in silos and unavailable for those who are on the front line. If the data are integrated and available for the study,
AI can help change that. He can gather this plethora of destructures- secure data and use it to improve customer engagement, service staff- and the high impact of marketing messages.
1-Trends related to Artificial Intelligence are shaping insurance Companies that have quickly and responsibly adopted artificial technology benefit from an advantage.
To stand out and stand out from competitors, it becomes critical to analyze the main technological trends strongly linked to AI and revolutionize the insurance industry. The following section deals with the four main technological trends.
a. Data from connected devices is exploding:
Devices with sensors have been around for a long time in the industry, but the number of connected consumer products will explode in the coming years. Existing products such as automobiles, home helpers, fitness trackers, smart watches and smartphones will continue to win traction, with new, fast-growing categories, including home appliances, glasses, clothes, shoes and medical devices join the party.
Experts predict that 1 trillion devices will be connected by 2025. Huge the data generated by the gadgets will allow operators to better understand their customers, develop new products, custom prices and increase real-time service offers.
b. Physical robotics is becoming more and more popular:
Recent advances in robotics are fascinating, and these advances will continue to revolutionize the way human beings interact with the environment. Additive manufacturing, also recognized as 3D printing, is another process that is redefining the future of manufacturing and communication-commercial insurance products. By 2025, 3D-printed buildings will become commonplace, and in order to remain competitive, carriers must consider this is how the development will affect their risk assessments. In Addition, improved surgical robots, autonomous agricultural equipment and programmable drones will become commercially available in the next decade. By the end of 2030, the proportion of standard service vehicles-keys with autonomous functions, such as self-driving capabilities, will be increase significantly.

c. Open source and data ecosystems:
Open source protocols will evolve as data becomes more widespread, ensure that the data can be used in all sectors. Various private andpublic institutions will merge to form ecosystems where data can be shared for multiple purposes while adhering to a cybersecurity standard and regulatory framework. For example, portable data can be immediate-ately imported to insurers, while data from the connected home and the automobile can be easily available through Google, Apple, Amazon and several other producers.
d. Advances in cognitive technology:
Deep learning technologies, convolutional neural networks and other-ers are mainly used to process speech, images and unstructured data text but will evolve to be used in a wide variety of applications. Based on the human’s ability to learn and understand by decomposition and reasoning, these cognitive techniques will allow an “active” assurance – ance products to handle the large and massive data flows generated in association with individual actions and activities. Like these technologies- eigs are becoming more and more commercialized, insurance companies will have access to models that are continuously learning and adapting to the world around them, responding in real time to potential risks and changing behaviors.