Recent advancements have helped to overhaul mundane and outdated processes and provide advanced data analysis and enhanced or, “augmented,” intelligence to support not just companies, but individual employees and consumers.
In 2018 and 2019, AI was tapped to disrupt and improve multiple industries, and was the prime target for VC funding with investments well into the billions. In 2020, the following are just several of the industries likely to see advances using AI and machine learning.
Life insurance is a $615 billion dollar industry stuck in the past with legacy companies dominating the market. However, change is coming quickly. The insurtech industry saw record investments in 2019 and looking into 2020 expect to see returns on those investments by way of major technology upgrades. With more than 700 insurers in the United States, each offering 20 plus different products, sorting through hundreds of millions of data sets is the only way to identify the best option for a policy that will generate the best return.
As this would be incredibly taxing and unlikely for a consumer, one often trusts an insurance sales agent to make recommendations, but these are often incredibly biased toward the policies that provide great returns to the agent and their firm. Alternatively, machine learning can be utilized to sort billions of data sets and identify the best possible option based on individual preset parameters.
Where as an agent may be looking at and comparing a handful of options, leaving plenty on the table just based on capacity restrictions, AI programming can iterate this skillset, make it much more efficient, and ensure the consumer has the best options available. Additionally, AI can also protect the human experience with a smart security and purchasing interface, with options that are all well-vetted so consumers can protect their assets and policies.
Other platforms are beginning to emerge to address the lack of transparency in the industry like Mployer Advisor, a Nashville-based company that utilizes AI and real time data blending across numerous public and private sources to rate brokers for corporate healthcare insurance plans. There are perhaps few industries riper for disruption in 2020 than insurance with major overhauls due for outdated practices as big data and AI reshape its foundation.
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