AND is a significant word here. I’m really not talking about the ‘In Insurance’. If it is “in” we already have Lemonade, you know Lemonade, right? No? okay, here is the article by The Guardian to let you know about how they are using AI to process the claims. 1 claim out of 6 claims is completely processed by AI within some minutes. Completely!
‘In’ also has cons, the biggest one is in this article by TheOutline.
But what if we remove ‘AND’ from the title and replace with nothing. AI has always been a debated topic. They learn by themselves, manipulation is possible just like hacking. Giving thousands of ethical looking claims in a second to analyse and they will either shut down to destruct the company, or they will pass all the claims because they work on past info basis again leading to huge losses.
Remove “and” and you’re left with AI Insurance to save you from being destructed by your own AI, which you created to save yourself some money but ended up paying premiums to save you from ‘money-saver’ techniques. Cost to create, maintain and save your AI along with premiums must be less than what you’d be paying to number of Individuals you’d be hiring to handle the situation. Feeling like being in Terminator type situation.
What I really want to say is, keep people, keep AI but don’t let AI think itself. Keep people to feed data to the AI because you never know what the third party is doing to screw you on the name of claim. I hope there will never be situation of Artificial Intelligence Insurance because if it does, the premiums will be on the basis of net worth of the company, as if the company is destructed by AI itself The loss would be of everything from directors to the Goodwill.
What do you think? Whether companies would need something like AI Insurance?