InsurAI – The Overtaking Lane in The Insurance Race

Abstract

The research introduces the InsurAI model as a new paradigm in insurance, where AI evolves from the role of a simple automation tool to that of a business partner, responsible assistant, and security guarantor. It evaluates the transformative impact of AI on the insurance industry, seen in terms of dynamic pricing, individualized customer service, real-time risk evaluation, enhanced claims processing, fraud prevention, and conscientious customer behavior. It reviews regulatory requirements in relation to transparency, explainability and fairness as opportunities to build an ethical and responsible InsurAI. It addresses challenges in deploying AI in insurance - ranging from technical and organizational difficulties to regulatory compliance risks and adversarial AI threats. From the analysis, the research underlines the necessity of targeted investments in infrastructure, skills, and data, as well as sticking to monitoring the impact of its integration. The notable finding is that the future of InsurAI is no longer whether insurance companies will deploy it, but how and with whom it will develop.