AI and insurance, would rise in 2036


Wonder if you guys notice that it’s getting harder and harder to find human customer service of big company ---- people even have to use the search engines to find them.

No doubt, they did it on purpose.

It this days, cost of human resource are getting higher, most company prefer to use AI robots to answer questions of customers automatically. However, their functions are far away from people’s expectations. But don’t doubt the prospect of this application.

People believe autonomous vehicle technology which use AI technology can sharply decrease the car accidents if the technology matures. Mark Zuckerberg, CEO of Facebook is optimistic to this technology too.

27th May, Fudan University insurtech laboratory and China insurance association published the ‘Road map of application of AI in insurance industry’, which describe in detail of how AI would get into insurance industry.

China has stepped into intelligentized age since 2018. With the development of AI, it would gradually replace many employees in insurance industry.

In this roadmap, application of AI in insurance industry has accelerated and would realize 25%, 50% and 75% rate of operation in 2025,2030 and 2036.

Insurance company would use AI to simplify consulting, underwriting and process of claiming first, and then they would realize intelligentized market analysis, underwriting, policy management and claiming. At last, AI would enable insurance company to pricing and marketing precisely.

Of course, insurtech is not just AI, new technology like big data, internet of things, blockchain could all be used to optimized the process and construction of insurance.

For example, by using big data, insurance company could get more dimensions of data and those data are more accurate. It enable insurance company to determine the risk more precisely. It made personal customized insurance product possible.

Blockchain technology could optimize insurance industry too. It could be using in multiple steps in insurance such as product, channel, claim, anti-fraud and so on. it would remake a new ecosystem of insurance industry.

From the perspective of development of insurance industry, we should pay high attention to each new technologies, and make adequate preparations to embrace the new era of insurtech.

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