The technology that saturates today’s world — smart-home devices, drone images, fitness trackers, social media posts and telematics programs that monitor your driving habits — can help insurers piece together a detailed picture of your behavior.
Insurers may drastically cut the number of questions they ask in a home insurance application, says Peter Flynn, head of personal lines for the Americas at insurance consulting firm Xceedance. “You can put a little bit of information and they can return a rate that’s not based on somebody coming to your house and taking blood,” says David Embry, CEO of online insurance broker Mylo.. You might also want to have supporting documents — like a summary from your doctor about any medical conditions — ready to go.Low-risk customers stand to save money as insurers use data to create increasingly personalized profiles of their users.
AI can help insurers identify the most urgent claims, reconstruct accident scenes, analyze medical records and flag cases for signs of fraud, according to a 2023 report by research firm Everest Group and professional services company Ernst & Young. Making claims more efficient is a priority for more than half of the property and casualty insurers surveyed, the report says.
The National Association of Insurance Commissioners issued guidelines in December 2023, encouraging insurers to correct errors in AI models and avoid bias. But each state creates its own rules, and regulation remains in its infancy stages.Miss Manners: My husband embarrassed me at the family Easter partyReview: Bruce Springsteen ups his game for incredible Easter Sunday show