Corporate Leaders

The InsurTech sector for commercial insurance carriers has not evolved as quickly as expected, according to Joe Lettween, chief innovation, data science, and technology...

Unless you’ve spent the past year under a rock, you’ll be aware of the excitement for generative AI. While many have used the technology to write emails, do homework or create CVs, generative AI could be one of the most transformative technology stacks to businesses. Laila Beane, the chief marketing officer at IntellectAI, the insurtech and wealthtech brand of Intellect Design Arena, recently delved into generative AI’s impact on insurance.

As insurance firms eagerly adopt technology to improve their operations, Max Stratmann – chief revenue officer at Scanbot SDK – believes that digital document scanning is the key. 

Generative AI, the metaverse and quantum computing are three of the most exciting emerging technologies currently in the market. Rather than being left behind by competition, insurance leaders urge companies to experiment with the technology to explore how they can make the most of it.

The health and life insurance market has many challenges and trends in common with the wider insurance industry. However, it also faces its own unique hurdles, what are these and what can insurers do about them?

Globally, companies and assets are about to be revalued upwards or downwards according to their climate risk valuation. The stakes are high and the price of getting this valuation wrong could be disastrous, companies can no longer afford to kick climate risk down the road.

The Metaverse has captured the attention of many. Mark Zuckerberg envisions a world where people “jump into” the virtual world to “do almost anything”.  But doing things comes with risk, and risk needs to be priced. So where does insurance come into these big plans?

Innovation in the insurance industry is not just important, it is essential. A more dynamic market has meant insurers are venturing into non-traditional sectors as well as looking for more advanced ways of serving existing markets. The industry must ramp up its innovation efforts if it is to tackle increasingly threatening risks, such as climate events and cyber-attacks.

The roll-out of Tesla’s data insurance product is well underway in the US, promising its safe-driving customers up to 60% off their premiums, and freedom from being judged by conventional underwriting factors such as age and gender. But what will the impact on the rest of the market be? And will the venture last?

Businesses must act now to adapt to the challenges of today and unlock greater growth potential, without sacrificing the health of the planet. Applied AI technologies could be paramount in achieving this.