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Insurers bank on big data to ease risks
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INSURANCE companies are resorting to big data and artificial intelligence as they try enlarge commercial insurance’s coverage and seek to protect themselves from insuring ineligible policyholders.
The insurers are being forced to resort to big data and AI to mitigate growing risks to their operations from factors like anti-selection and insufficient information on policyholders, said Shanghai Renascence Insurtech Limited Company.
Anti-selection basically means people acting on known information to gain an advantage to secure an insurance policy without telling the truth about themselves or their pre-existing medical conditions to the insurers.
Accident insurance, critical diseases insurance and medical insurance are under great pressure and better pricing strategies backed by effective risk control and more precise profiling of the would-be insured are necessary, said Xing Jing, CEO of the insurance technology startup at the World Artificial Intelligence Conference in Shanghai.
Insurers must rely on big data and technologies to improve their capability to catching possible risks in insuring certain people. Insurtech firms can support the insurance firms in this regard since they have amassed huge data on people’s behavior, social networking and life habits.
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