Leveraging AI for Improved Insurance Product Development
Keywords:
AI, InsuranceAbstract
The insurance industry has witnessed a growing interest in innovations operating within the sphere of artificial intelligence. Although the importance of AI in different areas of insurance is significant, its application in insurance product development appeals to us to a great extent. The rise of AI has brought about changes in terms of speed, efficiency of calculation, decision-making processes, and most importantly, the paradigm of the insurance industry from product orientation to customer orientation, ultimately bringing about innovation.
The change started with the advent of machine learning algorithms, especially deep learning, in the insurance product sector. These algorithms provide an opportunity for the insurance industry to examine a substantial, heterogeneous data collection. As a result, they are perceived as sophisticated instruments that not only identify patterns in massive quantities of raw data but also recognize the real requirements, expectations, conduct, fitness, and disposition of the insured, prospects, and corporate clients in light of various practices, alternatives, technologies, and strategies in insurance. Artificial intelligence embodies machine learning and deep learning, as well as other significant transformers such as robo-advisory, data analysis, and blockchain operations. The objective of the present essay is: i. To map the transformation made by AI towards product design and delivery ii. To understand the market requirements of product design and delivery in the insurance sector iii. To study the realization of market demand, AI in product design and development in European insurance. iv. Recommend strategies and takeaways for practitioners in Europe regarding AI usage in decision-making for insurance product development. In collecting the information for the building of our theoretical discussion, we adopt a multidisciplinary approach.
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