5 Tech Trends for Insurers to Watch in 2019
In 2018, the insurance industry continued to support the promise of disruptive technologies including: 5G, artificial intelligence (AI) and machine learning (ML), augmented and virtual reality and next-generation cloud services such as edge computing.
What will 2019 bring? Gazing into my crystal ball I predict…
1. Increased Public Scrutiny of AI
The impact of innovation often requires people and governments to step back and consider the impact of technology and connectivity on their lives and their communities.
AI will likely receive more public scrutiny in 2019. Regulators and industries will focus on creating governance frameworks and adopting codes of conduct so AI systems are non-discriminatory, transparent, traceable and secure.
Regulators and industries will focus on creating governance frameworks and adopting codes of conduct so AI systems are non-discriminatory, transparent, traceable and secure.
Companies will likely be increasingly accountable for the design, development and adoption of AI systems. We’re already beginning to see this, as the European Commission plans to release ethical guidelines for AI in mid-2019
2. Intelligent Apps
With the explosive growth of AI and ML, apps can now use the input they get from their owners to learn from and improve the user experience. Data collection, analysis and new product offerings can now be done in real time. Chat bots are an example of intelligent apps that mimic human interaction and can significantly improve customer service and engagement. Several large insurance companies have successfully deployed chat bots and their use will likely increase.
3. Machines Creating Content
Several media companies are already using AI technology to generate content. There are software-as-a-service platforms that help publishers turn written content into videos through AI video production. Art created by AI powered machines is already on the market and several tools apply natural-language generation to create news stories. Courts and insurers will need to be prepared to respond to the intellectual property and ownership issues that may be associated with robotic creators.
4. Privacy in the Spotlight
As massive data breaches continue to make headlines, government regulators, customers and businesses are focused on privacy more than ever. Lawmakers around the globe continue to pass data privacy laws.
Courts and insurers will need to be prepared to respond to the intellectual property and ownership issues that may be associated with robotic creators.
In 2019, we may see an increased focus on contextual privacy requirements, which are linked to location-based awareness software that tracks user locations; for example, your grocery store might offer you recipe recommendations based on which aisle you were browsing and your stored preferences.
5. RPA: Robot Process Automation
Robot process automation (RPA) is, as its name suggests, automating processes which are repetitive in nature. For example, the simple task of filling out a form by collecting information from a customer’s ID card can be done quickly and effectively via RPA. RPA is based on the AI and Machine learning in which the software records the human workflow and then adapts it to work more efficiently than a human. RPA will improve the productivity, cycle time and efficiency of processes and systems, and will increasingly impact insurance operations.