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A study by McKinsey & Company predicts that there will be 1 trillion connected devices (cars, fitness trackers, home assistants, smartphones, and smart watches) by the end of next year — and the data they produce will be a gold mine for insurers.
Jaco Oosthuizen, managing director of YuLife South Africa forecasts that “Insurers who can leverage AI and convert the mountains of data it can sift through into meaningful benefits will be the ones who thrive in the years to come.”
AI is set to change the world in profound ways. Here are just some of the ways it will change insurance:
AI chatbots allow insurers to effectively interact with their client base in the language of their choice. What’s more, a study by McKinsey & Company found that AI-powered process automation can reduce administrative costs by up to 30% in the insurance sector.