More data, better model

Whilst AI may be in the early stages in the protection market, we only need to look at principles in banking combined with AI technologies, to see the possible impact on the sector. Across industries, this technology has the potential to improve fraud detection, enhance application processing and increase claim payout rates. For misrepresentation, early detection in the process has significant financial impact through repricing, reinsurance rates and reduced claims. It also avoids denials at the point of claim which has negative customer and brand impacts. In the case of conversion, dete...