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Anything you can do, AI can do better: Machine Learning

By Emma Sheard from Insurance Nexus
 
Monika Schulze, Global Head of Marketing at Zurich Insurance sees the opportunity for machine learning to revolutionise the insurance industry, stating that “The old way of working can be modernised and be made more efficient, but it’s also possible to find new products and services. How do we get from paying out when something happens to helping customers predict when and how something might happen?”
 
As an industry already undergoing dramatic disruption as the world itself changes, including autonomous cars, the Internet of Things, wearables, sensors and the quantified self, insurance companies must innovate in product development and service provision to meet the ever-changing needs of consumers.
 
George Argesanu, Global Head of Advanced Analytics, Personal Insurance, AIG adds that “The one thing I am the most excited about is the dynamic aspect. With telematics, Machine Learning will enable us to “see” and hopefully prevent an accident before it happens, by recognizing the patterns in the driving behaviour, traffic and road conditions. It is like Minority Report but with the precogs replaced by Mac...Read More

Data delivery and integrity is key to telematics growth

By Selim Cavanagh, Vice President of Telematics, Wunelli

For telematics to reach the next level and achieve mass market take up, there are two key challenges for the industry: data collection methods need to widen to support greater engagement amongst consumers and investment needs to put into the validation of the mass volume of driving data that will come from an increasing number of motorists. 
 
UBI gives insurers a simple, digestible driver score that is demonstratively related to loss propensity. Driving scores are particularly powerful because they give incremental lift to traditional data sources, such as, credit scores or demographic data so that rather than relying on proxies, insurers can calculate risk ...Read More

Cyber risk & aggregation - ‘the elephant in the room’

By Sarah Stephens, Head of Cyber, Technology and Media E&O, JLT Specialty
Cybersecurity professionals in any given organisation assess cyber vulnerabilities one organisation or one country at a time, without necessarily looking at the cumulative risk to the overall system. Individual cyber insurance underwriters can fall into the same way of thinking, and the potential for aggregation of cyber risk is the current ‘elephant in the room’ for the insurance industry. The burgeoning cyber insurance market is grappling with aggregation of risk in two main forms.
 
Aggregatio...Read More

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