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Artificial Intelligence and the Future of Auto Insurance

Let’s talk about Artificial Intelligence (AI) and what impact it is likely to have on Auto Insurance. Our connected devices generate an astonishing amount of data that is usable by insurance carriers...

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P.O. Box 707 Downers Grove IL 60515-0707
Phone: 630-910-7357 - Fax: 630-910-0879

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That amount will increase exponentially in the coming years. By the end of the decade, a high percentage of the individuals, families and businesses we serve will rely on “digital assistants.” They will handle day-to-day scheduling and finances, help with ordering and purchasing, answer basic questions and make complex decisions.This will create an opportunity to construct new insurance packages that are personalized to each consumer and tailored to each business. It will also broaden coverage into new areas that are not included (or even conceived of) in current policies, while managing the risks on a customer-by-customer basis for carriers.The net effect will be improved customer service and enhanced coverage without a higher risk of loss for carriers. This is likely to amplify the highly personalized service that already distinguishes independent brokers from their competitors.I would not be surprised if the greatest impact of AI in this regard involves the automotive policies we write.Automobiles will be generating constant data that could be used by both consumers and agencies to move premiums up and down—or shop for a better deal. Apps already exist that monitor driving habits.The vehicles being designed by manufacturers now will be like those apps on steroids. Low-risk drivers can expect the information generated by their cars to drive down premiums in real time. The data will not only include how they drive, but when and where they drive, as well as monitoring their response habits to basic maintenance and repairs.Higher-risk drivers will likely bear the brunt of increased premiums now shouldered by all drivers—particularly the safe, low-risk ones.What else can we expect from automotive AI? Diagnostic sensors in new cars will soon include the ability to monitor the extent and repair cost of damage from an accident, and differentiate it from general wear and tear.

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Instead of functioning on the century-old “assess-and-repair” model, the AI integrated into automotive systems will become its own insurance adjuster, reporting seen and unseen damage, generating an accurate repair estimate and even identifying a shop that will complete the work in a timely manner and at the estimated price.
In short, artificial intelligence in new cars has the potential to participate in the driving experience almost like an insurance agent “riding shotgun.”How did AI get here so quickly? Like so many aspects of industry, the pandemic played a huge role. With millions of Americans working remotely, the technology involved in maximizing productivity in the digital workplace went into overdrive.Now carriers are looking at how to utilize driver data to do the real-time calculations that will create more competitive policy pricing, while maximizing profits.I have long held the opinion that independent insurance brokers need to stay a step ahead of trends in order to thrive. I believe this is especially true when it comes to artificial intelligence.With AI algorithms creating incredibly detailed and sophisticated risk profiles—and carriers able to understand customers through thousands of data points—we will be able to issue policies that are literally tailored to each individual client. And the underwriting process will take seconds, not hours.AI will make us more productive. I don’t think I will get many arguments about that.With less time devoted to grinding out numbers, my belief is that agents will have more time to do what we do best, and what we love to do— interact and educate—and use some of that extra time to acquire more customers…with the help of simple, easy-to-use, AI-powered business tools!

SOCIAL MEDIA CO-CHAIR
Frank Conroyd - CIC/LUTF
DuKane Financial Services Inc.
825 W. State #119B
Geneva, IL 60134
Phone: 630-208-0228
[email protected]PRESIDENT
Social Media Co-Chair
Sharon Waldvogel, CISR, PISA
Infinity Brokers
Phone: 815-342-0409
[email protected]TREASURER
James Surles
Prime Insurance Agency Ltd.
Illinois Protector Insurance Agency
20 N. Roselle Rd.
Roselle, IL 60172
Phone: 630-539-0123
[email protected]

DIRECTOR
Membership Chairperson
Rick Martin
[email protected]DIRECTOR
Scholarship Chairperson
Karen Moore - CISR
Assured Partners/Esser Hayes
4350 Weaver Parkway
Warrenville, IL 60555
Phone: 630-355-2077
[email protected]BOARD MEMBERS
David Broz CLCS CIC
Railside Citrus Agency
630 377 0700 Office
630 793 0700 Text
630 465 8890 MobileStacey Hinterlong - CPCU, CIC, ARC, MBA
Hanover Insurance
1312 Brunswick Court
Naperville, IL 60540
Phone: 630-370-3228
[email protected]