Insurance: Robots learn the business of covering risk

Emphasis added below.

“We’ve been going backwards and forwards on AI for 15 to 20 years, but I believe we’re at a tipping point because of the advancement of algorithms, storage in the cloud and computing power,” says Nick Daffan, chief information officer at Verisk Analytics, a data analysis firm.

This provides opportunities for the industry to improve the way it works, but there are also dangers — and not just that industry specialists will be replaced by machines as algorithms become more powerful. In the long run, the bigger challenge is that machines could undermine the industry by giving customers better tools to decide whether insurance is even necessary.

Source: Insurance: Robots learn the business of covering risk


Author: Mitch Ratcliffe

Mitch Ratcliffe is a veteran entrepreneur, journalist and business model hacker. He operates this site, which is a collection of the blogs he's published over the years, as well as an archive of his professional publishing record. As always, this is a work in progress. Such is life.