Data is quickly becoming the most valuable asset in the insurance sector, given its tremendous volume in our digital era. Simultaneously, Artificial Intelligence (AI), harnessing big data and complex structures with Machine Learning (ML) and other methods, is becoming more powerful. Insurers expect more efficient processes, new product categories, more personalized pricing, and increasingly real-time service delivery and risk management from this development. Given the many leverage points in insurance, it surprises that AI-driven digitalization is not evolving even more rapidly.
This White Paper comprises a study among Swiss and German insurance players, tackling a key business problem: Legacy infrastructure, missing interoperability, and a lack of comprehensive knowledge about AI and its use cases hinder the adoption of advanced, AI-based, ethical insurance and risk schemes.