How are AI and related technologies driving innovation in risk management and loss control areas?
How are AI and technology driving innovation in the risk management and loss control areas? Technology and A.I. are driving innovation in the risk management space, in the loss prevention space by expanding engagement, allowing for touch points to those traditionally underserved markets, providing more education and resources without expanding workload. Improving behavior at policy holder levels, generating new data, and improving losses over time. The end goal of this would ultimately be technology and A.I. working to drive down losses, to improve acquisition and retention rates through competitive differentiation, to generate new data assets, to improve underwriting profitability and strategic decision making. The traditional insured and insurer relationship occurs and develops post claim. It’s a repair and replace relationship. Where we see the benefit is we’re shifting that relationship from repairing and replacing to predict and prevent, asking how do we proactively engage? How do we predict where the losses are going to be happening or where your gaps in your risk management area are? And how can we help you prevent those losses from happening in the first place? That’s where we see innovation being driven by A.I. and technology.
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