PriyaPatel
TLDR:
- AI and deep learning are revolutionizing risk assessment in the insurance industry.
- Cutting-edge technologies like machine learning help streamline the underwriting process, leading to better insurance premiums and lending terms.
In the latest episode of Risk Management: Brick by Brick, Marty Smuin, CEO of Arturo, discusses how AI is shaping the future of insurance. He highlights the impact of cutting-edge tech on risk assessment and the modernization of insurance companies.
One key takeaway is the importance of assessing risk accurately and upfront in the insurance industry. Marty explains how machine learning can analyze various attributes of properties to assign a risk score, leading to more opportunities for better insurance premiums and lending terms.
Additionally, modern technologies can be utilized in post-disaster scenarios for quick and accurate damage assessments, making the underwriting process more efficient and safer for individuals involved.
With the integration of technology into underwriting processes, larger insurance companies are automating reports, improving risk assessments, and expanding into new markets. However, there are challenges in balancing legacy systems with new technology adoption.
Marty emphasizes the need for innovation in established insurance companies to keep up with the digital transformation and customer-centric approaches driving the industry forward. The increasing spending on software by insurance companies indicates a significant shift towards digital transformation.
