Automation and machine learning will upend insurance, says McKinsey

Andrew Birmingham 2016-02-10 Digital expertise will become increasingly critical in the insurance sector as digitization and machine learning leads to more highly ‘automatable’ insurance according to management consultants McKinsey & Company. Meanwhile a separate piece of research by Accenture found that insurance companies are accelerating the shift to a radically different distribution model, where they say digital will play an increasingly important role in most interactions, and were agents’ efforts are being refocused to add more value. In a McKinsey discussion paper entitled, “Automating the insurance industry” the authors, Sylvain Johansson and Ulrike Vogelgesang explore the implications of research by the McKinsey Global Institute which generally found that up to 45 percent of all work activities in the United States, where the analysis was performed can already be automated today using current technology.” And they add,…

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