In a three-part article series for Digital Insurance, ACORD CEO Bill Pieroni discussed the changing landscape of insurance technology and the role of AI in the future of the insurance industry.
Bill addressed the new wave of insurance technology – or “Insurtech 2.0” – which has seen new and emerging technologies transforming industry operations, as opposed to the approach of “Insurtech 1.0.” In this current era of Insurtech 2.0, AI is expected to have a significant effect on how the industry conducts business, as Bill explains: "AI is going to transform this industry in such a powerful way that it will have one of the largest impacts we've had from anything that has ever occurred.”
Bill notes that it will have a particularly powerful effect on core industry functions like underwriting and claims: “That's where the industry could actually see the application of new technologies, particularly AI.”
Read the article series, featuring insights from Bill and other industry experts: