On the latest episode of Risk Management: Brick by Brick, Jason Reichl is joined by Marty Smuin, CEO of Arturo, an AI-based platform that is on a mission to empower people by providing clarity around the past, present, and future of property.
In this episode, Jason and Marty explore how cutting-edge technology is transforming the future of insurance, the power of AI and deep learning in revolutionizing risk assessment, as well as Arturo's vision for the insurance industry.
To find out how TrustLayer manages risk so that people can build the physical world around us, head to TrustLayer.io.
Cutting-Edge Tech’s Impact
There is one thing that we can all agree on in insurance and lending: assessing risk accurately and upfront is critical. Any way that we can make this process streamlined can only be a good thing, right?
Cutting-edge technologies like machine learning are crucial to helping us streamline this process. They can help us by analyzing multiple attributes, such as roof condition, fire risk, or even the area’s flooding potential, and assign a risk score to properties. Marty explains, “If there's an issue with some sort of natural disaster, you can actually use technology to give yourself a significant headstart on assessing risk, as well as taking care of the client.”
Through utilizing these technologies, the underwriting process is refined and there are more opportunities for better insurance premiums and lending terms. But that’s not all!
These modern technologies can also be used in post-disaster scenarios, allowing quick and accurate damage assessments without the need to deploy large numbers of people on the ground. That’s not to say that people will be replaced, but that their roles will become more efficient, and likely safer.
The Modern Insurance Company
Every single day, more and more technology is being seamlessly integrated into our underwriting processes. This is particularly notable in the larger insurance companies - we’re talking those that use sophisticated data. With all this new tech, we can automate reports, complete more accurate risk assessments, and even broach new markets.
But, there are still challenges to be found: specifically in balancing the use of legacy systems with the adoption of new ones. Marty says, “Older, established, more traditional businesses, that's not a bad thing. What is a bad thing is when companies cease to look at innovation as the major need and move forward as opposed to holding on to what's already there.”
There’s obviously value in legacy systems, but we can’t fall behind the rest of the world. It’s an intricate balance we all have to work towards. Especially given the increasing software spending in insurance: “We're going to see that change here in North America, and it's happening now. Look at the spending of software and insurance companies; it's increasing through 2031, and it's expected to triple.”
Clearly, we are witnessing first-hand a significant shift towards digital transformation and customer-centric approaches in the insurance industry.
To find out more about the future of technology and insurance, tune in to this episode of Risk Management: Brick by Brick.
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