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How Artificial Intelligence will change the market of insurance companies in particular the automotive sector
- 11 страниц
- 2018 год
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Introduction…………………………………………………………………………………………….......................................................3
1. The Concept Of Artificial Intelligence……………………………………………………………………………….………………4
2. The Impact Of New Emerging Risks……………………………………………………………………………….…………………5
3. Autonomous Cars And Their Impact On The Field Of Insurance……………………………………………………….7
4. The Influence Of The Artificial Intelligence On The Chain Of Forming Values In Insurance…………......8
Conclusion……………………………………………………………………………………..……........................................................10
References………………………………………………………………………………………………………………………………………………….11
1. The Concept Of Artificial Intelligence
Artificial intelligence is software that demonstrates the ability to implement analysis, decision making and learning, similar to the abilities of a person. It is also an area of informatics that studies intellectual objects not only from an engineering point of view but also from a philosophical and psychological point of view2. This philosophical view is especially important in analyzing the risks of a society in which human and artificial intelligence coexist.
The term "artificial intelligence" was coined in 1956, but it took almost 25 years for the light to see the first commercial technology with an intelligent agent that helped configure orders for new computer systems at Digital Equipment Corporation3. Today, artificial intelligence finds application in virtually every industry, and it is expected that by 2035 it will increase the profitability of corporations in 16 industries in 12 countries by an average of 38%4.
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2. The Impact Of New Emerging Risks
The potential impact of artificial intelligence on the insurance industry has two components. Its application will help improve the insurance process in a number of aspects, which will benefit the client. In addition, it will have a destructive effect, causing new risks. However, to protect companies and consumers, they can be transferred through the development of new insurance products (especially in the areas of liability insurance, medical insurance, and life insurance).
According to a recent survey among CEOs of global corporations, 67% of them believe that artificial intelligence and automation will have a negative effect on the confidence of stakeholders in their industry in the next five years7.
Artificial intelligence puts business at risk, which can easily counterbalance the colossal benefits of such a revolutionary technology.
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3. Autonomous Cars And Their Impact On The Field Of Insurance
It is expected that autonomous robots-cars will become in the future the most influential technology based on artificial intelligence. According to forecasts, by 2030 the share of penetration of autonomous robotic cars will reach 5%, and the cumulative annual sales growth in the period from 2025 to 2035 will be about 40%14. Given the impending market turmoil, the automotive and insurance industries are making maximum efforts to identify potential risks and opportunities.
Autonomous robots-cars will increase the safety of traffic, eliminating the human factor, which is the main cause of road traffic accidents. According to forecasts, artificial intelligence will reduce the number of accidents by 90%, and CO2 emissions - by 60% 15.
The monetary benefits generated by saving on avoiding accidents, reducing travel time, efficient fuel use and compensation for parking are estimated at $ 2,000 to $ 4,000 per year for each car16.
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4. The Influence Of The Artificial Intelligence On The Chain Of Forming Values In Insurance
Artificial intelligence will also affect the value of insurance for customers. In other words, today's technologies based on artificial intelligence improve the value chain in insurance, making it more effective in targeting the needs of the client and in providing services in a timely and lower cost. The most common technologies that are directly relevant to the value chain in insurance are described below. Such technologies increase the productivity of insurance, providing customers with greater value at a lower price and at a shorter time.
In the future, artificial intelligence will support underwriters in data analysis and risk assessment. There are many areas, such as reputational risks, cyber risks, supply chain and economic and climatic risks, in which machine learning can help companies better understand their risks.
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Conclusion
The insurance industry began to use machine learning at an early stage because it analyzes large amounts of data and many repetitive processes.
Artificial intelligence has tremendous potential to improve the value chain in insurance. It will help to automate insurance processes to provide us with the best quality of customer service. Thanks to this, the processing of policies and settlement of losses will become faster and more efficient.
By giving impetus to the analysis of data, artificial intelligence will also provide insurers and their customers with a much better understanding of their risks, so that they can be more effectively reduced and developed new insurance solutions. For example, an analyst based on artificial intelligence can help companies better understand cyber risks and improve their protection against them. At the same time, technology will help insurers to identify scalable cyber risks.
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1. Accenture, How AI boosts industry profits and innovation, June 21, 2017.
2. Allianz Risk Baromete,r 2018// www.agcs.allianz.com/insights/expert-risk-articles/arb-2018-business-interruption/.
3. Centre for Connected & Automated Vehicles (UK), Pathway to driverless cars: Proposals to support advanced driver assistance systems and automated vehicle technologies, 2016.
4. Compass, Universal basic income: An idea whose time has come?, 2016.
5. IHS Markit, Autonomous vehicle sales forecast to reach 21 mil. globally in 2035 according to IHS Automotive, July 6, 2016.
6. Lloyd’s, Extreme cyber-attack could cost as much as Superstorm Sandy, July 17, 2017.
7. McKinsey and Company, Ten ways autonomous driving could redefine the automotive world, June 2015.
8. McKinsey Global Institute, Future that works: Automation, 2017.
9. Müller, V. and Bostrom, N. Future progress in artificial intelligence: A survey of expert opinion, Fundamental Issues of Artificial Intelligence, 2016.
10. Official Journal of the European Union, Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation), May 4, 2016.
11. PricewaterhouseCoopers, 20th Global CEO Survey, 20 years inside the mind of a CEO…What’s next?, 2017.
12. Russell, S. and Norvig, P. , Artificial intelligence: A modern approach, Prentice-Hall, 1995.
13. Science, The social dilemma of autonomous vehicles, June 24, 2016.
14. Transportation Research Part A: Policy and practice, preparing a nation for autonomous vehicles: Opportunities, barriers and policy recommendations, 2015.
15. http://allie.it.
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