Artificial intelligence represents a double-edged sword for the risk transfer industry: while some fear job cuts and downsizing, others suggest there is a failure to see the bigger picture of the potential AI can offer to the industry. Intelligent Insurer reports.
While automation and the idea that a machine could take a person’s job are certainly not new concepts, recent developments in artificial intelligence (AI)—in particular the development of so-called ‘self-learning’ machines—have changed the ballpark completely.
This leap forward in machine intelligence has moved the debate away from machines doing manual jobs in place of humans and into a whole new sphere of possibilities and sophistication. For the risk transfer business, it raises many new possibilities which are either opportunities or threats depending on your perspective and your current role in an organisation.
In some ways, this fear is nothing new. A 2013 report published by Oxford University, The Future of Employment, suggested that about 47 percent of total US employment is at risk, based on the probability of computerisation for 702 detailed occupations.
To continue reading, you need a subscription to Intelligent Insurer. Start a subscription today for £655.
In-house feature articles, the archive and expert comment require a paid subscription. Subscribe now.
Want to give it a try? We are offering a two week free trial to the Intelligent Insurer website – register and select “Two Week Free Trial” to begin access to the full Intelligent Insurer archive and read the latest news, features and expert comment. Begin your free trial here.
Is your 2 week free trial about to end? Upgrade to a 12 month subscription for £655 now.
If you have already subscribed please login.
If you have any technical issues please contact support.
Artificial Intelligence, Technology, Risk Transfer, PwC, Fukoku Life Mutual, Lemonade, Global