Millions of Americans have welcomed artificial intelligence into their homes in recent years via virtual assistants like Alexa, Bixby, Cortana, and Siri. Privacy concerns aside, they’ve revolutionized the way we interact with our homes and plan our lives. But would those same Americans feel comfortable entrusting AI with their home insurance?
Your answer to that question might not matter much — because it’s already happening whether you want it to or not.
“AI is having a profound impact on the insurance industry across the board, from strategy and policy pricing to marketing and administration,” the CEO of AMPLYFI, Chris Ganje, told Forbes earlier this year.
In 2019, the primary way AI is changing home insurance is during the shopping process. Ten years ago, getting home insurance quotes could be an exhausting process. You’d have to talk to an agent, provide hundreds of details about your home and your family, and sometimes even schedule a home visit with an inspector. To compare prices between different insurance companies, you’d have to repeat that same process over and over again. The digitization of insurance shopping over the past decade has made it much easier to compare quotes from different providers, but AI has made it possible to get lightning-fast quotes.
Originally by Adam Morgan for Reviews.com, see the full article here.