Do you have car insurance? Health insurance? Homeowners insurance?
Chances are you are a customer of at least one insurance company and a policyholder on one or more types of insurance. If so, you should pay particular attention to the fact that the global insurance industry is seeking to harness artificial intelligence solutions. While the use of AI technologies in insurance has the potential to streamline company operations and reduce consumer prices, it also raises unprecedented new issues related to personal privacy.
As with many discussions of artificial intelligence, understanding its impact starts with understanding data. AI systems used by businesses analyze data (the more the better) to discover trends and insights in that data. Those insights can then be used to improve a company’s operational efficiency. This is true of everything from online dating systems to healthcare platforms.
What’s distinctive about the insurance industry’s adoption of AI is how these companies intend to collect their data. Insurers are turning to sensors to collect data directly from individuals, including technologies like in-home monitors and wearables. And whenever data collection intersects with a real person, privacy questions emerge. Do you want your healthcare provider receiving a real-time notification of your late-night snacking? Do you want your auto insurer to know every time you roll through a stop sign? These are no longer hypotheticals.
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