Percorrer por autor "Reis, Marina Mendes Lopes"
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- The future of industries : how personalization of insurance policies using artificial intelligence will disrupt the insurance status-quoPublication . Reis, Marina Mendes Lopes; Pinho, André de AlmeidaIn the future, the concept of insurance will change and Artificial Intelligence (AI) is already disrupting the state of this industry. Insurers worldwide are using AI to automatize processes and tasks, such as fraud detention, underwriting and claims processing. Additionally, there has been a rise of new competitors in the market, such as InsurTechs, that are bringing innovative solutions for insurance, responding to the new trends in customers’ lifestyles and behaviours, that are more demanding for services directed for their needs. This study aims to understand how personalization of insurance policies, created with Artificial Intelligence, will disrupt this industry in the future and what will be the impact in the European market. Personalization of an insurance policy with AI would encompass the definition of the coverages and premiums more appropriate for an individual customer and do the risk evaluation, in a market of one strategy. This innovation would take advantage of the accrual of Big Data from customers, as people are each time more connected and information about them is constantly being shared, allowing companies to use it to know consumers better. Some limitations that might arise are related to the regulation applied to the insurance industry in Europe regarding customer’s data privacy, with the GDPR and regulation against discrimination in insurance.