Artificial Intelligence (AI) and Internet of Things (IoT) within investment in insurance technology (insurtech)

For many analysts, Artificial Intelligence and Internet of Things, as technologies are primed to disrupt the insurance technology (insurtech) in the years to come, with Asia Pacific as a region, on an exciting curve to eclipse North America.

According to a new Accenture report titled “The Rise of InsurTech, the combined number of deals across AI (including automation) and the IoT (including connected insurance) increased 79 percent in 2016.

The report reveals that, the insurance industry views AI and the IoT as critical to delivering increased levels of personalization and better real-world outcomes for customers.

Artificial intelligence has the potential to transform the insurance industry from simply assessing risk based on past experience to monitoring risks in real-time and mitigating, or even preventing, losses for customers.

The IoT will enable insurers to offer more-personalized, real-time service; boost operational efficiency; and price their products with greater precision.