- Lloyd's announces key appointments for the governance and delivery of the Future at Lloyd’s Blueprint One programme together with confirmation of the raising of £300m of senior debt to fund the transformation
- Insurance Europe new publication-"Why Insurance" urges policymakers to make sure the industry’s special features are taken into account when developing insurance regulation
- Geneva Association Women in Insurance Award launched
- CII PublicTrust survey indicates UK consumers want action on renewal pricing
- Willis Towers Watson launches ResQ Financial Reporter, an out-of-the-box software solution designed to help P&C insurers implement IFRS 17
- Duck Creek announces that four leading investment firms have invested $120m in the company
- FRISS to partner with National Insurance Crime Bureau(NICB) expired
- City Insurance shows impressive growth expired
- Canopius appointsTongue as underwriter, trade & political risk expired
- Hannover Re and Global Parametrics in partnership with BMZ and KfW to form Natural Disaster Fund(NDF) Deutschland expired
- Victor Insurance Holdings announces approval from Lloyd’s to establish Victor Syndicate 2288 and commence underwriting effective 1st January expired
- BMS announces appointments to its US reinsurance team expired
14th August 2019
Artificial intelligence(AI) will help insurers underwrite $20bn(£17bn) worth of premiums by 2024 says new research
Artificial intelligence(AI) will help insurers underwrite $20bn(£17bn) worth of premiums by 2024, a more than 1,500% increase on the £1.3bn forecast for this year, according to a report from Juniper Research, reported on The Actuary Predictions website..
The report predicts that AI would streamline underwriting processes, reduce operational costs, and result in faster consumer onboarding.
Increased use of telematics in the motor, home, life and health insurance sectors will be key to this, along with a rise in Internet of Things(IoT) management tools.
The researchers forecast global revenues from telematics to grow from $1.2bn in 2019 to $5.4bn by 2024, and for AI cost savings to soar from around $340m to $2.3bn.
“This growth will be driven by increasing support from automotive original equipment manufacturers(OEMs) as part of wider connected car strategies,” Juniper Research said.
“The motor insurance industry will have the largest cost savings, accounting for over 60% of total savings globally by 2024, enabled by the significant uptake of AI-based InsurTech premiums.”
The researchers said that rising vehicle numbers in the Far East and China would drive telematics growth, increasing its revenue share from 15% in 2019 to 33% in 2024.
Advances in natural language processing(NLP) will enable insurers to leverage the abundance of existing unstructured data, allowing them to manage and create value from more data sources, creating streamlined processes, said Juniper Research.
Juniper Research Trends(5 articles)