Challenges In Home Insurance Claims: Insights For Uae Homeowners – The industry is on the cusp of a seismic shift, driven by technology. A focus on four areas can position carriers to embrace this change.
Welcome to the future of insurance, as seen through the eyes of Scott, a customer in the year 2030. His digital personal assistant orders him a vehicle with self-driving capabilities for a meeting across town. Upon arriving in the arriving car, Scott decides he wants to drive today and puts the car into “active” mode. Scott’s personal assistant plots a potential route and shares it with his mobility insurer, who immediately responds with an alternative route that has a much lower probability of accidents and car damage as well as the calculated premium adjustment of ‘every month of it. Scott’s assistant advises him that his mobility insurance premium will increase by 4 to 8 percent depending on the route he chooses and the volume and distribution of other cars on the road. It also warns him that his life insurance policy, which is now priced on a “pay-as-you-live” basis, will increase by 2 percent for this quarter. The additional amounts are automatically debited from his bank account.
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When Scott pulls into the parking lot of his destination, his car crashes into one of several parking signs. As soon as the car stops moving, its internal diagnostics determine the extent of the damage. His personal assistant instructs him to take three photos of the right front bumper area and two of the surroundings. By the time Scott is back in the driver’s seat, the screen on the dash informs him of the damage, confirms that the request has been approved, and reports that a mobile response drone has been sent to the lot for inspection. If the vehicle is drivable, it can be directed to the nearest garage in the network for repair after a replacement vehicle arrives.
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While this scenario may seem beyond the horizon, these integrated user stories will emerge across all lines of insurance with increasing frequency over the next decade. In fact, all the technologies needed above already exist, and many are available to consumers. With the new wave of deep learning techniques, such as convolutional neural networks, 1 Convolutional neural networks contain millions of simulated “neurons” structured in layers. artificial intelligence (AI) has the potential to fulfill its promise to mimic the perception, reasoning, learning and problem-solving of the human mind (Exhibit 1). In this evolution, insurance will shift from its current state of “detect and repair” to “predict and prevent,” transforming every aspect of the industry in the process. The pace of change will also accelerate as brokers, consumers, financial intermediaries, insurers and providers become more able to use advanced technologies to improve decision-making and productivity, reduce costs, and optimize the customer experience.
As AI becomes more deeply integrated into the industry, carriers must position themselves to respond to the changing business landscape. Insurance executives must understand the factors that will contribute to this change and how AI will reshape claims, distribution, and underwriting and pricing. With this understanding, they can begin to build the skills and talent, embrace emerging technologies, and create the culture and perspective needed to be successful players in the insurance industry of the future.
The underlying AI technologies are already being deployed in our businesses, homes and vehicles, as well as on our person. The disruption from COVID-19 has changed the timelines for AI adoption by significantly accelerating digitization for insurers. Virtually overnight, organizations had to adjust to accommodate remote workforces, expand their digital capabilities to support distribution, and update their online channels. While most organizations have likely not invested heavily in AI during the pandemic, the increased focus on digital technologies and a greater willingness to embrace change will put them in a better position to incorporate AI into the their operations.
Four central technology trends, closely coupled with (and sometimes enabled by) AI, will reshape the insurance industry over the next decade.
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In industrial environments, devices with sensors have been omnipresent for some time, but the coming years will see a huge increase in the number of connected consumer devices. The penetration of existing devices (such as cars, fitness trackers, home assistants, smartphones, and smart watches) will continue to increase rapidly, along with new growing categories such as clothing, glasses, devices -household, medical equipment and shoes. Experts estimate that there will be up to a trillion connected devices by 2025.2 World Economic Forum, 2015. The resulting avalanche of new data created by these devices will allow carriers to understand their customers more deeply , resulting in new product categories, more personalized pricing, and increasingly real-time service delivery.
The field of robotics has seen many exciting achievements recently, and this innovation will continue to change how humans interact with the world around them. Additive manufacturing, also known as 3-D printing, will radically reshape the manufacturing and commercial insurance products of the future. By 2025, 3-D printed buildings will be commonplace, and carriers will need to evaluate how this development changes risk assessments. In addition, programmable and autonomous drones; autonomous farming equipment; and augmented surgical robots will all be commercially viable within the next decade. By 2030, a much larger proportion of standard vehicles will have autonomous features, such as self-driving capabilities. Carriers will have to understand how the growing presence of robotics in everyday life and across industries will change risk groups, change customer expectations, and enable new products and channels.
As data becomes ubiquitous, open-source protocols will emerge to ensure that data can be shared and used across industries. Various public and private entities will come together to create ecosystems to share data for multiple use cases under a common regulatory and cybersecurity framework. For example, wearable data can be transferred directly to insurance carriers, and connected home and car data can be made available through Amazon, Apple, Google, and a variety of manufacturers. of consumer equipment.
Convolutional neural networks and other deep learning technologies currently used primarily for image, voice and unstructured text processing will evolve to be applied in a wide variety of applications. These cognitive technologies, which are loosely based on the human brain’s ability to learn through decomposition and inference, will become the standard approach to processing incredibly large data streams and complexes that will be generated by “active” insurance products linked to an individual’s behavior and activities. With the increased commercialization of these types of technologies, carriers will have access to models that are constantly learning and adapting to the world around them—enabling new product categories and engagement techniques while to respond to changes in underlying risks or behavior in real time.
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AI and its related technologies will have a seismic impact on all aspects of the insurance industry, from distribution to underwriting and pricing to claims. Advanced technologies and data are already impacting distribution and underwriting, with policies being priced, purchased, and linked in near real time. An in-depth look at what insurance could look like in 2030 highlights dramatic changes along the insurance value chain.
The experience of buying insurance is faster, with less active involvement on the part of the insurer and the customer. Enough information is known about individual behavior, with AI algorithms creating risk profiles, so that cycle times for completing the purchase of an auto, commercial or life policy are reduced to minutes or even seconds. Auto and domestic carriers have allowed instant quotes for some time but will continue to refine their ability to issue policies immediately to a wider range of customers as telematics and Internet of Things (IoT) devices in -home proliferate and pricing algorithms mature. Many life carriers are experimenting with simplified exit products, but most are restricted to only the strongest applicants and are priced higher than a comparable fully underwritten product. As AI permeates life underwriting and carriers are able to identify risk in a much more granular and sophisticated manner, we will see a new wave of mass-market immediate release products.
Smart contracts enabled by blockchain instantly authorize payments from a customer’s financial account. Meanwhile, contract processing and payment verification are eliminated or simplified, reducing customer acquisition costs for insurers. Purchasing commercial insurance is similarly expedited as the combination of drones, IoT, and other available data provides enough information for AI-based cognitive models to proactively generate a bindable quote.
Highly dynamic usage-based insurance (UBI) products proliferate and are tailored to the behavior of individual consumers. Insurance moves from an “annual purchase and renewal” model to a continuous cycle, as product offerings continually adapt to an individual’s behavior patterns. In addition, products are substantially disaggregated into microcoverage elements (for example, phone battery insurance, flight delay insurance, different home washer and dryer coverage) that consumers can customize to their particular needs, with the ability to instantly compare prices from several. carriers for their individualized baskets of insurance products. New products emerge to cover the changing nature of living and travel arrangements. UBI becomes the norm as physical assets are shared between multiple parties, with a pay-by-mile or pay-by-ride model for car sharing and pay-by-stay insurance for ride-sharing services. -home, like Airbnb.3 Some insurtech companies
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