The risks and opportunities of AI in insurance

Do you have the appropriate coverage with your environmental insurance? Uncertain and potentially costly environmental risks present difficult obstacles for parties involved in purchasing, selling, developing, leasing, operating or financing in today's business and real estate market. In an attempt to meet these needs, the insurance industry has developed a broad range of risk-specific environmental insurance products. In considering the use of insurance for the transfer of environmental risks, it is important to understand what the various insurance products are designed to cover, how to bind the necessary coverage and what issues must be considered and evaluated in negotiating these environmental insurance policies.

The history of digitalization of personal lines insurance so far, and what to expect next, What UK FCA regulations can tell us about building digital insurance products which are compliant and personalized and How traditional insurers can re-think customer lifecycle stages and become more competitive versus digital challengers

For decades, the creation and evolution of insurance markets, products, channels, technology, and customers unfolded at a slow and steady pace. It took months if not years to launch a new product. Core business technology was replaced only every 20-30 years and the projects took many years and multi-millions to implement. Customers were the Baby Boomers and Gen Xers who followed similar life stages and had similar needs and expectations. Companies managed and lived with slow transformation because everyone was in a similar position.

Insurance continues its rapid pace of change with customers leading the charge! But the big difference from the last 2-3 years is that the changes represent shorter periods with key breakpoints signaling significant shifts in customer behaviors and expectations. The result evolving and new challenges and opportunities for insurance leaders.