AI for Insurance: how AI will impact AI in underwriting, quotes, re-insurance

Patrick Dixon is a global keynote speaker on insurance and AI, author of 19 books

NEW AI BOOK IN BESTSELLER LIST FOR 12 MONTHs IN AIRPORTS GLOBALLY - WH SMITHS

AI will create new efficiencies for insurance. The benefits of AI to insurers will be huge and will result in lower premiums and greater profit:

◆ More accurate, instant underwriting/quotes based on smarter prediction of risks

◆ Linking of premiums to live data, e.g. miles driven by younger drivers

◆ More accurate grouping of risks for re-insurance with larger companies

◆ Faster and more efficient claims handling

◆ Better fraud detection

One of the challenges with insurance is that ‘there is always a fool in the market’. In other words, there will always be a company that is underpricing in unsustainable ways. It may be looking to buy market share at a loss, or it may be too optimistic about future claims.

But either way, this will continue to be a major issue for established companies, under pressure to compete on terms that make no business sense.

While AI tools may make silly pricing less likely, if all companies use them well, it still only takes one ‘deviant’ company to mess up the market...

Daily Telegraph review (14 September UK): 

"If you need to acquire instant AI mastery in time for your next board meeting, Dixon’s your man. 

Dixon gives us plenty to think about: AI’s role in surveillance; AI’s role in intellectual freedom and copyright; AI’s role in warfare; AI’s role in human obsolescence – his exhaustive list runs to over two dozen chapters.

Business types will enjoy Dixon's meticulous lists and his willingness to argue both sides against the middle."

Read on - buy BESTSELLER LIST book NOW. How AI Will Change Your Life

Looking for a world-class keynote speaker on Insurance and AI? Call +44 7768511390

* Dr Patrick Dixon is often described as Europe’s leading Futurist. Author of 19 books, he has advised over 400 of the world’s largest corporations on a wide range of global trends. His clients include Google, Microsoft, IBM, Intel, LinkedIn and many of the world’s largest manufacturers as well as governments. Patrick is a cancer physician by first training and his first start-up company some decades years ago was an AI-simulator, using computers to talk to and diagnose patients. His website globalchange.com has had 15 million unique visitors with 9 million video views.

How AI will change your life - Contents of Book

Chapter Headings:

Part One: How AI Is Evolving

1 The Truth About Artificial Intelligence 

2 Super-Smart AI and a Reality Check 

Part Two: How AI Will Shape Our Future World

3 Workplace AI

4 Office Workers - impact of AI

5 Healthcare - how AI will drive better health

6 Pharma, Disease Prevention and Wellness - how AI will transform pharma

7 Education – in School and at College - AI challenges to education

8 Adult Education and ‘Truth’ - why AI will redefine "Truth"

9 Software Development - AI will help but less than many think

10 Film-making and Music - get ready for AI revolution

11 Search Engines, Social Media, Publishing and Art - massive AI impact

12 Marketing - most campaigns will be driven entirely by AI

13 Retail - AI will have huge impact on retail eg fashion

14 Travel and Leisure - multiple impacts of AI on airlines, auto industry etc

15 Relationships - relationships with AI bots, and impact of AI on human to human relationships

16 Food Industry - AI will drive greater efficiency

17 Satellites and Space Colonies - impossible without AI

18 Manufacturing, Logistics and Supply Chains - major benefits from AI

19 Construction and Cities - AI will transform construction and the built environment

20 Environment - AI will consume huge amounts of power but also enable sustainability initiatives

21 Pensions and Wealth Management - AI already controls most investment decisions

22 Corporate and Retail Banking, and Insurance - AI poses major threats but will deliver cost savings

23 Cybersecurity - greatest risk from AI right now

24 Surveillance - AI is every dictator's dream tech

25 Military and War - get ready for AI driven wars

26 Government - AI will enhance government and threaten democracy 

Part Three: How Should We Respond?

27 Ten Steps for Governments 

28 Twelve Steps for Individuals 

29 Ten Steps for Companies 

30 Postscript – A Story