PriyaPatel
TLDR:
AI in insurance is enabling deeper insights and catalyzing personalization by leveraging wearable tech, AI, and data analysis to create tailored policies for consumers.
- Wearable tech market and consumer focus on wellness impacting insurance
- AI and data analysis leading to increased personalization in insurance policies
AI will enable ‘deeper insights’ for insurance and catalyse personalisation
Recent advancements in artificial intelligence (AI) are revolutionizing the insurance industry by providing insurers with the ability to analyze large quantities of data for identifying health risks and tailoring policies to individual customers. Wearable tech and AI are driving increased personalization in policies, allowing for more accurate risk assessments and enhanced customer engagement.
The personalization trend in insurance involves tailoring policies and premiums based on individual behaviors, preferences, and risk profiles. Technologies such as AI, big data, and internet-of-things devices are crucial in creating customized policies for auto, health, and home insurance. Insurtech companies and traditional insurers are leading the way in offering personalized policies, delivering more accurate risk assessments and competitive pricing to enhance customer satisfaction and loyalty.
The Big Data & Personalization in Insurance webinar on July 11 will delve into how technology advancements and changing consumer preferences are driving insurers to focus more on personalization in policies, showcasing the transformative impact of AI in the insurance sector.
