What if an AI company "solves" Insurance?
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Note: This post is Insurance and Reinsurance Industry specific, because that’s where I work now, but this idea applies to all industries.
So, maybe someone else figures out how to apply AI in the (re)insurance industry and completely disrupts the industry - puts a ton of people out of work.
In a recent CNBC interview, a tech company CTO said that his firm completely automated an insurer’s underwriting- took it down from 2 weeks to 3 hours.
Lots of immediate questions: One line, all lines? Better underwriting, worse underwriting? No touch, some touch? Do you have historical results good enough to train a new model on? What senior underwriter is going to hand over their decisions to an algorithm? I haven’t met a single one who would do that.
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