technology

Gambling and life insurance – a surprising yet oddly appropriate pair. That’s what I thought as I walked through The Bellagio doors on a sunny, April day in Las Vegas. I wasn’t there to play games of chance though – I was at the 2016 LIMRA Life Insurance Conference to learn about disruptive innovation examples in insurance

Life insurance is undergoing a renaissance of sorts. The industry is slowly transforming from one entrenched in the old-age archaism of paper and manual processes to one embracing digital technology and artificial intelligence, which benefits consumers via a more enjoyable sales experience and better product pricing.

ANZ bank's insurance arm OnePath Life Insurance today revealed some early wins for its project with researchers at the University of Technology Sydney (UTS) which uses machine learning models and advanced analytics to improve the insurance underwriting process.

Some experts predict a boom in jobs meant to ensure that AI systems keep in step with legal and regulatory obligations, ethical responsibilities, and community standards.

Congress may have forced Mark Zuckerberg to reveal more about personal data gathered on Facebook (FB). But consider this: Your insurance company likely knows a lot more about you. 

It is well understood that increased physical activity levels are linked with a reduced risk of certain illnesses, leading to improved healthy life expectancy. Wearable devices have also been championed as a way to not only help people track physical activity, but with the right incentives, increase overall activity levels in the short term.

Recently, blockchain has emerged as a technology that will potentially transform industries in a similar way that the Internet did a couple of decades ago. Still a nascent technology, many of its uses have not yet been discovered or explored.

In theory, it is the depersonalization of the consumer experience and process in search of the cheapest and easiest alternative in doing business.  Life insurance is unfortunately one of those entities subject to these forces, whether by Amazon or by other methods insurers are now using to amalgamate the process.

Legal & General America, a top player in the U.S. term life market, has found a secret passage into U.S. consumers’ wallets: selfies.

Underwriting is not dying. It is just being automated into digital algorithms versus analog human beings.