Future Of Insurance Is Preventive
Insurers could use artificial intelligence to identify risks and prevent losses from happening. Why don’t they?
Insurers, which traditionally render services after catastrophes like earthquakes, hurricanes and wildfires, are busier than ever as climate risk becomes a genuine, dangerous possibility to many customers.
But these disasters are now too unpredictable and frequent for traditional, retroactive action taken by companies. And with the advent of exciting new AI technology, insurers can do more.
The aerial imaging capabilities developed by exciting new companies in the P&C space mean that preventive measures are not just a pipe dream; they’re possible.
Using up-to-date, 3D imaging of a property, insurers could notify customers of potential risks in advance of the risk occurring. This enables the customer to avoid the risk, or at least prepare for and mitigate the damage the risk could cause.