I do find it hard to keep up with my reading. I have found, along with many other people, that listening to books and audio files is a great way to keep up. Here is a recommendation for fans of AI and Cyber Crime....
The sharing economy is growing up fast, message is that the growth will reach or surpass PwC’s projections which show that five key sharing sectors—travel, car sharing, finance, staffing, and music and video streaming — have the potential to increase global revenues from roughly $15 billion in 2015 to around $335 billion by 2025. Massive growth.
Is Artificial Intelligence (AI) taking over everything? Do we have to fear or welcome this new AI tech? Is the reality that AI Augmentation more deliverable and welcoming?
In the USA and China an increasing number of tech companies are bringing more in house. Is this the lesson for Insurance? In-source not Outsource? Is this a path for a digital insurer.
Posted in InsurTech blog on Jun 06, 2019
What does it take to be a Digital Insurer? Well one of the basics is to have a deep and a sound understanding of Machine Learning (ML) and Artificial Intelligence (AI) with the capabilities to actually develop these for 'insurance' case studies.
Computer Vision is becoming the central tech behind insurance claims processing. The ability to process claims and rely on algorithms is at the core of this. How is this different to the platform businesses of the GIG economy? Not much it seems as the workers and the platforms are all driven by the algorithm too it seems.
When the produce being transported is fruit and vegetables, any disruption in the supply chain can lead to substantial losses because they are perishable goods. In these situations how can businesses know what decisions to make and how to deal with these issues? Real time tracking of supply chain is an answer.
Distributed ledger space is a huge talking point for insurance – smart contracts, security, cost reduction, trust – it all points to a move on to this tech. BUT blockchains come with limitations by design . In today's world SPEED is king and the slowness of blockchain is huge barrier. Even in the slow paced world of insurance its too slow really - how many applications are there that run on a database that can just do 5 transactions per second? None, I think. Hence blockchains have been all talk, to-date. Is there an alternative? Swirlds anyone?
Why should the insurance industry care about innovation? Their products are about claims, how can you stop those with innovation? they are part of the product, right? Well no, typically the insurance industry, as all businesses, cares about all its costs, the complete business model. Claims are part of these costs - in some cases the smaller part of the complete costs! Innovation should be focused on all areas of their business model.
Here at Microinsurance we continue to explore blockchain, the world of “a smart contracts”. It is our current belief that ‘smart contracts’ will be the core insurance uses-case for blockchain. The use of these contracts are now linked to the rise of blockchain and a change in technology and process that is still very young.