Companies are using new technologies to obtain an entirely new comprehension of this sector. The travel insurance industry, like other coverage sectors, is turning to many new forms of cutting edge technology. This tech is helping the industry to obtain a more refined understanding of itself. The more this technology tells insurance companies about their coverage, the more their understanding changes. Machine learning, such as through artificial intelligence (A.I.) is tossing conventional travel insurance industry wisdom out the window. In its place, comes entirely new concepts and understandings. Smarter tech…
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AI technology can do wonders for the insurance industry – Should you be terrified?
Artificial intelligence tech is already being used for many purposes, but there are issues to consider. AI technology has been a central tech focus for the insurance industry for several years. The advantages it promises both currently and as we move into the future. However, these advantages aren’t without their drawbacks. Security and adoption remain considerable concerns, said a panel of experts at an I.I.I. event. At the recent Insurance Information Institute (I.I.I.) Joint Industry Forum which took place in New York, a panel of tech and insurance industry executives…
Read MoreAI technology investments increasingly commonplace among large insurance brokers
Big commercial brokers are seeking to stand out from their rivals through high tech enhancements. AI technology has considerable appeal to large commercial insurance brokers. After all, these firms transact with multiple distributors and carriers and want to stand out. The marketplace is competitive and artificial intelligence, among other cutting edge tech, may make a difference. Other areas where brokers are differentiating themselves include workflow tools and analytics. This was among the findings in a new Business and Technology Trends: Large Commercial Brokers report. Novarica issued the report. It offers…
Read MoreArtificial intelligence insurance technology replaces 34 human staff members
In Japan, an insurance company has laid off a number of people, replacing them with an AI system. In a move that sounds as though it was plucked straight out of a science fiction novel, a Japanese insurer has used AI insurance technology to replace 34 human staff members. The company has started laying off its employees who have been replaced with an artificial intelligence system. The company in question is Fukoku Mutual Life Insurance. The employees were replaced by the insurance technology which is capable of calculating insurance payouts…
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