202104 Dec

Long live insurance

Summary

Leveraging historical claims data, machine learning platforms can automatically identify established patterns and respond in real-time, while continually building new predictive responses to edge cases. Yes, policies will always be in place to protect against significant catastrophes, but this ecosystem will create more actionable data and alerts, guiding reports, and just-in-time suggestions—reducing losses and rewarding insureds for adopting active measures through increasingly better pricing. Meaning, not only can insurance wholesalers and retail brokers tap entirely new markets and open up passive revenue streams, this more sustainable business model ensures theyll have the resources to support their clients when things do go wrong. In delivering protection to every business, the insurance industry can address the negative perceptions it gained in the late 20th Century head-on— earning back its reputation as a community coming together to secure its future. At the end of the day, that means insurers can scale delivery of loss suppression measures and customized risk management, while the broking channels invest more time in the human side of the business — ultimately, getting us back to our industry’s roots.

Source: Ccjdigital

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