In the rapidly evolving landscape of the insurance industry, AXA CEO Thomas Buberl offers a visionary perspective on how science and technology, especially artificial intelligence (AI), are revolutionizing risk management and customer service.
During his appearance on “The David Rubenstein Show: Peer-to-Peer Conversations,” recorded on January 30 in New York, Buberl shared insights that underscore the transformative power of technology in insurance.
“Technology has changed our industry, so in order to handle large data sets, to do analysis, to also simplify the customer service and also the customer expertise — that I would say is done,” said Buberl. This statement captures the essence of the digital transformation within the insurance sector, emphasizing the utilization of vast data sets for improved analysis and a more streamlined customer experience.
With the advent of AI, Buberl sees an even greater potential for the industry to leverage unstructured data, which comprises a significant portion of insurers’ information reservoirs.
“We now have AI coming in, making sure that we use the unstructured data that we have is really beneficial to really understand risk more,” he remarked.
AI’s ability to parse and interpret this data can lead to more nuanced and accurate risk assessments, enabling insurers to offer more personalized and efficient services.
Another crucial area where technology is making an impact is in prevention. Buberl highlighted: “This is very much happening today through digital services.”
For example, by utilizing satellite data, insurers can analyze the climate risk associated with a property or monitor marine transport to identify areas with a higher risk of theft and damage. These technological advancements not only enhance the insurers’ capacity to manage risk but also empower them to proactively prevent losses, thereby offering better protection to their clients.
Buberl’s thoughts reflect a broader industry trend towards the integration of cutting-edge technologies to meet the changing needs of customers and to navigate the complexities of modern risk landscapes. As AI and other digital tools become increasingly sophisticated, their role in transforming the insurance industry from a model of compensation to one of prevention and personalized service is likely to grow, reshaping the relationship between insurers and their clients.