Technology is disrupting our world at an unprecedented pace — and the insurance industry is not exempt. New advances in artificial intelligence (AI) are expected to affect the insurance industry in innovative and sweeping ways.
Dynamic insurance products
The Internet of Things (IoT) refers to the global network of connected devices we use every day. It is expected that there will be over 75 billion connected devices by the year 2025. Each of these devices has the potential to report on your behaviour, and your rates can be adjusted accordingly.
Improved customer engagement
Although customer chatbots exist today, they are limited. In future, smart chatbots may be able to interact in far more complex ways — such as by responding intelligently to open-ended questions.
Apps on your phone may even be able to warn you if an action you are about to take will affect your rates.
Automation
Automation within the insurance industry may make some jobs obsolete while simultaneously making room for new opportunities.
Automated self-driving cars may also have a dramatic effect on the motor vehicle insurance industry. As accident rates drop and it becomes harder to allocate fault, the industry may begin to diminish.
It is an exciting time to join the insurance industry. Technological disruption promises to open new opportunities for the next generation of insurance professionals.
Are you interested in a career in insurance? Explore our What You Can Do section for career recommendations based on your personality and interests!