14 December 2021
The General Insurance Insurtech Working Party has published its report "Insurtech - Applications in General Insurance". The report is a primer on recent and anticipated future developments in Insurtech, examining the likely impacts on actuarial work and the opportunities and threats it creates. It then hones in on four major insurtech themes of particular relevance to actuaries: the Internet of Things; Image, Video and Audio data; Artificial Intelligence and Automation; and Parametric Insurance. These thematic sections include a look at the data associated with these technologies and how it can be analysed, as well as delving into some live use cases.
There is little doubt that advances in technology will have profound impacts on the nature of insurance, and we would invite anyone interested in the actuarial perspective on this to take a look at this report.