How the Coronavirus Will Change AI Innovation in Insurance

Daniel Faggella

Daniel Faggella is Head of Research at Emerj. Called upon by the United Nations, World Bank, INTERPOL, and leading enterprises, Daniel is a globally sought-after expert on the competitive strategy implications of AI for business and government leaders.

How the Coronavirus Will Change AI Innovation in Insurance

The insurance industry is being disrupted like it hasn't in decades. Unlike other events like Hurricane Sandy or even the 2008 financial crisis, the coronavirus is impacting essentially every corner of the world and more or less every industry.

Smaller insurance companies may not survive the onslaught of new requests, and many larger firms may need to downsize in order to make it through these painful economic times.

But innovation investments including artificial intelligence are not going to stop and, in fact, innovation will be one of the key factors in what helps the winners survive. However, those investment priorities will change.

In this article, we discuss five key trends in the insurance industry now and where artificial intelligence is likely to have a more important place in the industry given the pandemic. The AI use-cases we discuss draw directly from our AI Opportunity Landscape research in insurance, which global insurance firms use to determine where to focus ...

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