Machine learning and artificial intelligence are hot topics right now – and for good reason. Machine learning (ML) and artificial intelligence (AI) are unlocking new insights, capabilities, efficiencies, and opportunities across industries and sectors.
Life insurance is no exception. Getting a grasp of what it is and how it can impact life insurance is critical to rethink challenges, spot solutions, and adapt in a changing industry.
If you couldn't tell from part I of this guide, InsurTech is making its way onto several agendas for the 2017-2018 life insurance conference season. Given the huge impact it is having on the insurance industry, it should be no surprise that InsurTech has taken on a conference life of its own. Part II of my guide explores the top InsurTech conferences happening all over the world and what you can expect from them.
Welcome to Part 3 of the Impact of AI series. To recap, Part 2 of this series looked at the impact of selling and distribution and Part 1 looked at the impact of underwriting and risk.
Part 3 of this series will focus on the impact of the product development phase of an insurance product.
In Part 1 of our Artificial Intelligence (AI) Impact on the Insurance Value Chain series, we looked at the impact it has on underwriting and risk. However, before an individual can be underwritten, an insurance product still needs to be sold and distributed, which is what Part 2 of this series will focus on. According to McKinsey, this step of distribution and selling is the most crowded in insurtech, with nearly 40% of startups attempting to change how consumers buy insurance.