How will artificial intelligence change insurance?

As technology becomes more and more advanced, industries across the spectrum are feeling the disruption from digitisation and automation – and insurance is no different.But while the industry is becoming better educated on insurtech and its potential benefits generally, artificial intelligence – or AI – specifically, seems relatively unexplored.“The power of AI is in its ability to keep sifting through enormous amounts of data, continuously learn from patterns and use these to project scenarios and suggest actions,” Heidi O’Leary, principal consultant at Market Gravity, a proposition design consultancy, told Insurance Business.AI enables insurers to assess risk more accurately, as they have increasing amounts of available data and increasingly sophisticated, learning algorithms to analyse it, O’Leary explained.This enables pricing of individual risks at a more granular level, leading to increasingly personalised…

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