A study shows that the insurance industry is facing dramatic changes. In 2030, artificial intelligence (AI) will play an important role for insurers. One consequence of this is that the closing process will be much faster. Likewise, human participation in the process will decrease in importance. The world of industrial and commercial insurance will also be influenced by this. In 2030, for example, risk analysis is to be carried out primarily using technologies such as drones and data accessible on the Internet.
The impact on sales and customers
The personal contact with an expert salesperson will lose much of its importance. Instead, the available data will be used to create risk profiles and thus minimize the closing process to a fraction of the time currently required. The use of artificial intelligence will also enable more in-depth analyses of risks, a topic that will play a major role not only in life and accident insurance.
But claims processing will also be much faster. Damage cases are checked mechanically, compared with existing empirical values and presented to a human clerk only when required.
As a result, customer behavior is also expected to change. Where contracts are currently being signed and perhaps updated at some point, more intelligent product solutions will be used in the future. The insurance contract of tomorrow is a dynamic product that constantly adapts to the needs and life situation of its owner.
The number of insurance intermediaries will shrink significantly. This is explained solely by the fact that a large number of active intermediaries will retire. Your successors will be available in smaller numbers and will work completely differently. The active salesperson is replaced by the product companion, who creates added value for his customers and acts as a product pedagogue. Since active sales calls are no longer his main task, he gains more freedom to serve a larger customer base. The customers, in turn, will communicate with the insurer in a personal, digital and virtual manner.
Binding rules will be established for the use of the AI, the monitoring of which will be subject to an examination commission. It will check new systems for conformity with existing regulations and issue approvals.
Claims processing in the year 2030
The number of employees in the claims departments will be reduced by 70 - 90 percent. The result will be an acceleration of claims processing. In the area of private insurance, the study says that processing times will decrease from several days to a few hours or minutes, combined with significantly higher accuracy. Here, too, drones and satellite images are to be used. In the event of a car accident, a video recording will explain the cause of the accident and provide information on the anticipated damage and the amount of damage to be expected. In case of minor damage, the self-propelled vehicles will automatically call a garage and go there for repair. At the same time, the replacement vehicle will arrive at the customer's premises.
Risk minimization is also part of claims handling. Here, intelligent solutions in households will collect data, evaluate it and point out possible dangers before they occur. The employees of the claims departments will increasingly devote their time to complex cases that cannot be solved mechanically. These include, for example, contentious allegations or unusual situations for which there is still too little comparative data. As the digital world continues to be a playground for cybercrime in 2030, there is a growing need for specialists to monitor, protect and repair sensitive AI systems.
Conclusion: Looking at the world of the day after tomorrow is more than fiction
From a current perspective, the description of the insurance industry in 2030 may seem like a utopia. In fact, development has long since begun. Artificial intelligence is already being extensively tested today and is increasingly finding its way into the everyday lives of insurers. The question is not whether this future will come, but when. A look at today shows that the willingness to do so has increased significantly. Old structures must certainly be overcome before the new world can finally move in. The question of reliability and data protection will also become a major issue. Especially the use of drones and video recordings will take time to actually take place in the predicted form. But here, too, it is only a matter of time before it becomes everyday life.
Looking to the future, we see an insurance world in which human resources will be small, which does not necessarily mean mass redundancies. Change won't come overnight. An appropriate way would be to reduce the number of new hires, while long-serving employees will retire. By the time this happens, a new generation will have grown up that is used to handling artificial intelligence. The fact that even "advanced semesters" do not necessarily feel fear of contact has been demonstrated for years by the advent of the digital world.