The insurance industry is undergoing historic levels of change. The age of disruption is creating a sense of urgency and forcing insurers to react. Tech giants like Tesla and Alibaba have invested in insurance companies in order to increase their ability of to share external data sources across multiple platforms, thus allowing them to ramp up insurance personalisation capabilities. Auto insurers such as Metromile and Allstate are now offering usage-based insurance to drive efficiencies in underwriting and risk monitoring. Business leaders are constantly asking key questions related to artificial intelligence: Will advanced technologies replace human workers? Should I invest more in machines, or in people?
The answer to these questions is not machines versus humans, but machines with humans. In the face of disruption, Deloitte has developed multiple solutions aiming to help insurers fast-track their operations, increase agility in assessing risks, and make better decisions. For example, Deloitte is collaborating with Google to develop Onsite AI, a cloud-based solution that allows insurers to underwrite properties without being on site. We are also helping our clients automate contract management (dTrax), identify and manage risks to their brand (CRiSP), and improve rate profiling (RateCloud).
This paper aims to answer:
- What are the platforms driving evolutional changes in the insurance sector?
- What are the key issues facing the sector, and how can insurers approach these issues?
- What are the fundamental shifts happening in the insurance industry, and why must insurers act now?
- How will key roles in today’s insurance industry evolve into tomorrow’s?
- How should insurers prepare and manage AI at scale?
By adopting a human-centric lens in the era of augmented intelligence, we discuss how the AI transformation will necessitate transitioning of key roles in the insurance value chain into new functions, and what insurers should do to ensure success while avoiding the gaps and challenges.
One of the goals of our Age of With papers are to create a discussion around building human intelligence where it is aided, enhanced, and augmented with AI.
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