How AI, big data and machine learning are transforming motor insurance

How AI, big data and machine learning are transforming motor insurance

How AI, big data and machine learning are transforming motor insurance

How artificial intelligence transforms car insurance

How artificial intelligence and big data transform the car insurance companies that I work with a lot of insurance companies that try to help them understand and help them convert to more digital institutions by using data better to improve their performance and one example of this is car or car insurance The company that was operating A completely basic model, so they always had some demographic data that they looked mainly at versus the female looking at the area you live in and then again crime statistics in those areas, how many miles are you driving your car how old are you and then, based on On those criteria, it will give you an insurance price or premium, which is difficult because if you are an eighteen-year-old driver, for example, you might be a great driver who is very safe doing a lot of miles but you will be penalized automatically because you are a high-risk class, So when you are 18 years old, you pay a lot of joint engagement if you are older paying the ally less than you think it can do better because we will immediately punish an 18-year-old if his driver is good

 So it was the first system that companies such as hedging put in a little place in the cart device, so install a small device that connects to your car system and then what monitors the amount of your driving and also the extent of your good driving over time, then we collect some data and then we realized what we have now is that we all have Really advanced smartphones that have amazing sensor technology built-in so that we don't have to install a device in the car, we can simply install an application on your phone and then you can use your phone to track your driving, so what are we working with this car the insurance company is to actually say what we want That we do is we want to understand not only m House leadership and the quality of leadership but also if you are driving a little more than the maximum speed maybe if you were wandering d very quickly or even a quick still in the rain

And when the traffic is really congested so they wanted to create a semi-dynamic premium where they can actually see this person a safe driver and they will establish that by looking at your census on the smartphone, then it will prove how difficult it is to break how difficult you are to accelerate the speed that you take in the corners, but it will also pull data from other areas like weather information so they know you drive a little faster but they also know it rains at the moment and they know this is rush hour and there are a lot of cars on the same road so they take a lot of information from Various sources wade Suddenly ride with a good driver or you just drive at 11 am when there is no traffic you drive very carefully when you are 18 years old, this means you may pay a little insurance premium because they know what sets it apart from driving an ally like The 60-year-old is usually considered a safe driver who lives in a beautiful area, but actually drives his car a little fast

Even in the rain even when there is a lot of traffic that might drive them a lot is not related to insurance for their cars and I think this is where the world goes where we have a much better understanding of how customers use your product than what customers actually do and organizations are able to customize and customize their services specifically for them Needs This is exactly what I hope organizations will understand is how they can use the data to achieve better performance