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The Evolving Role of AI in Insurance
Multiple June 06, 2019 Posted in: Blog Posts, Pricing & Product Management
Today, insurance is more competitive and more accurately priced because of better data, computing power, customization and emerging technology. Lytx (formerly DriveCam) records 30 seconds before and after a crash. These recordings can be used to prove innocence or guilt in most cases, saving insurance companies millions in litigation costs. The insurtech boom caught many insurance companies off guard. When they did not adapt quickly enough, they lost a significant portion of their competitive position. New approaches to claims adjusting, premium pricing and underwriting will continue to arise. The best chance insurance companies have to remain relevant is to develop unique technologies and rating variables to outprice the competition.
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