ABSTRACT
Artificial Intelligence represents both the biggest challenge and the biggest opportunity for the insurance industry for decades. Many Insurtech assisted insurance products in the fields of life & health and motor insurance can include an element of risk management through the use of telematics and gamification to monitor and hopefully improve the health or driving practice of the insured. While Usage Based Insurance insurance will benefit the healthy insured, one can see that there is a danger that the use of more precise data may result in less affordable insurance for less healthy insureds. Many commercial transactions require the existence of relevant insurance contracts to be verified. Existing distribution networks will be bypassed to remove unnecessary friction and cost from the insurance buying process allowing insureds to access the insurance provider more efficiently to secure the type of cover they need when they need it.
