The ‘fourth industrial revolution’ has drastically changed the insurance sector, so much so that traditional risk assessment has been “eclipsed” by machine learning and real-time geo-intelligence, according to a new report from Axco.
The entire insurance lifecycle, right from the buying process, has been transformed by AI, robotics and big data – changes which look positive so far, presenting opportunities for growth in soft market conditions, the report claims.
“Substantial and unprecedented change” is sweeping across society as a whole, leaving the industry to face a new world of behaviours and risks, Axco’s managing director told Insurance Business – but should […]
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