Artificial intelligence represents a double-edged sword for the risk transfer industry

Recent developments in artificial intelligence (AI) in the re/insurance industry in 2017, such as the alleged job losses at Fukoku Life Mutual and the rise of AI in the insurtech space, has sparked a series of discussions surrounding both the potential and concerns arising from this phenomenon. Many studies reach similar conclusions around the automation of jobs, with around 47 percent of total US employment is at risk of computerisation, based on a report from the Oxford University. A Bank of England study published in 2015, Labour’s Share, suggested that up to 15 million jobs were at risk of being replaced by a robot. Intelligent Insurer spoke with an AI specialist at PwC, Anand Rao, who examined some of the potential that this medium has in the industry in terms of presenting…


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