Page 33 - Insurance Times December 2022

Future of

Insurance

Vishwadeep Chaliha
ACMA, FIII, Member CII (UK)
Kolkata

AI (artificial intelligence) is used for detecting leakages at homes and factories. AI is also used in
security systems to prevent burglary. Data is shared between underwriters to assess the physical
and moral hazards of a prospect.

narrate my personal experience in Japan not recently The answer my friends is perhaps, TRUST……we have
I but way back in 1998 when I was working in Osaka. I managed to lose trust in the insurance industry. Unless we
reinvent or reinfuse TRUST we can never match the
was driving down the highway and suddenly the
windscreen cracked, possibly caused by a ricocheting developed markets in Europe/USA or Japan. Even Africa is
highway debris. I stopped by the service area, called my catching up. From my personal experiences, the African
insurer. He advised me to read the motor certificate number market will outstrip penetration of insurance in India sooner
and informs me to drop the car to the nearest Toyota repair than we think !! Second there is a FEAR element in the mind
station. It was around 8 am and I soon dropped the car off of employees. A fixed mind-set.
in the Toyota workshop which was fortunately a 5 min walk
from my office. You may have also heard of Lemonade , the New York based
insurer , now making waves in personal lines, issuing policies
At around 2 pm I got a call from the workshop to come and in 5 minutes and settling claims in a world record 4
collect the car. The car was ready, with windscreen seconds.!! How was this possible you might think? Well they
replaced, washed and cleaned with a chocolate for my son have simply put in technology and removed the human
on the seat, with a label "we are sorry for the incident and factor. Instead of Mr X, the claims manager processing the
your loss of precious time. But we care for you". file, there would be AI (Artificial Intelligence) processing the
same information in milliseconds. And the AI bot never gets
My friends in the industry how much time will this same claim tired, no leave, no breaks, no lethargy.
take to settle outside Japan? A couple of weeks/few days/
or few hours?? In reality why do we not see such fast claim In future claims, the insured would no longer be harassed
settlements? What prevents us from offering world class with a long list of required documents and explanations but
services? Is there any company hurdle? And mind you this a general query from the insurer on the lines of " Mr X, I
was circa 1998 !! hope you are ok? Do you need help?" Additionally, he would

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