Evaluating the impact of AI on insurance: The four emerging AI and data driven business models

Alex Zarifis, Alistair Milne, Christopher Holland

Research output: Contribution to journalArticlepeer-review

Abstract

The increasing capabilities of artificial intelligence (AI) are changing the way
organizations operate and interact with users both internally and externally.
The insurance sector is currently using AI in several ways but its potential to
disrupt insurance is not clear. This research evaluated the implementation
of AI-led automation in 20 insurance companies. The findings indicate four
business models (BM) emerging: In the first model the insurer takes a
smaller part of the value chain allowing others with superior AI and data to
take a larger part. In the second model the insurer keeps the same model
and value chain but uses AI to improve effectiveness. In the third model the
insurer adapts their model to fully utilize AI and seek new sources of data
and customers. Lastly in the fourth model a technology focused company
uses their existing AI prowess, superior data and extensive customer base,
and adds insurance provision.
Original languageEnglish
Pages (from-to)1
Number of pages14
JournalEmerald Open Research
DOIs
Publication statusPublished - 2019

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