Friday, September 22, 2017

Insurtech goal is to cut premiums, says AIG CEO

Brian Duppereault has told Nikkei in an interview that big data and artificial intelligence must be able to assist insurers in measuring risks more efficiently.

In the process, it should allow them to cut down costs and pull premiums down for the benefit of clients.

According to Duppereault, the importance of the insurance technology revolution is that it must be able to lower premium rates.

Insurtech helps because it can provide the industry with ways to use data and analytical tools which were previously unavailable.

As an example, he cited Two Sigma, an investment firm that is a joint partner with AIG, whose decisions are based on AI generated algorithms from data analysis.

This technology could also be applied to AIG business.

Duppereault also says that underwriting may have to change and develop different skill sets, part actuary and part data scientist, to address a more data driven future.

 

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