Exploring Insurance Trends: IOT, AI, and Tech

Recently the Insurance Institutes of the Border, Eastern Cape and Western Cape brought together Insurance professionals from all over the Cape for a fantastic webinar. The collaboration between Ami and Lombard Partnerships took centre stage.

A big shoutout goes to IIB president Candice Smith and deputy president Kim Johnson for making this webinar a remarkable success.

The educational webinar was an opportunity to delve into the ever-evolving landscape of insurance, with a focus on the intriguing worlds of IoT, AI, and technology. We were delighted to witness the engagement and excitement of the audience as we discussed these transformative topics. Kurt Solomon, Head of brokers and brand at Ami Underwriting Managers, and Jacob Tshabalala, head of data science at Lombard, captivated the audience with their insights.

Kurt wowed everyone with a live demo featuring ChatGPT – an eye-opening glimpse into the future of insurance technology, while Jacob had everyone wanting to know more about AI, and digital transformation in general!

While the spotlight was on IoT, the conversation extended to a broader canvas of digital transformation, AI, and technology. We delved into the heart of the matter, sparking thought-provoking discussions and paving the way for new perspectives on the industry’s future.

We began by tracing the intriguing history of IoT. Did you know that the first “official” IoT device dates back to 1982, with a Coke machine rigged to report coldness levels? Despite this long history, a staggering 87% of the public is unaware of what IoT truly means. This intriguing fact set the stage for our exploration of how IoT is revolutionising data-driven insurance.

IoT, or the Internet of Things, is transforming insurance by enabling real-time insights, personalised offerings, and smarter risk assessment. We explored the potential and challenges of using IoT devices to gather data on risk factors, providing insurers with the tools to enhance security measures against evolving cyber threats.

Predictive analytics took the spotlight, revealing its potential to enhance various aspects of insurance, from pricing and risk selection to fraud identification and claims triaging. McKinsey & Company’s study underscored the power of predictive analytics in increasing operating profits among top performers in Europe, the Middle East, and Africa.

The session continued with a look at game-changing technologies like machine learning, low code, and drones. The integration of machine learning operations promises to transform claims processing, while low-code platforms empower insurers to quickly adapt to evolving customer demands. Drones are soaring high, aiding in data collection, risk assessment, and more.

As we wrapped up, we pondered the opportunities and challenges that lie ahead. We believe in embracing these advancements while also valuing personal connections – a delicate balance that drives meaningful innovation.