The Role of AI in Connected Insurance

Insurtech Story Podcast

Apr 5 2023 • 23 mins

Artificial Intelligence (AI) is playing an increasingly important role in connected insurance, which refers to the use of technology to collect and analyze data on policyholders in real-time. AI-powered algorithms can process large volumes of data to identify patterns, assess risk, and personalize insurance products and pricing based on individual behaviour and usage. AI-powered chatbots and virtual assistants can also improve customer service by quickly answering queries and resolving issues. Connected insurance can help insurers to mitigate risk, reduce fraud, and improve customer satisfaction, while also providing policyholders with more personalised and affordable insurance solutions. As a result, the use of AI in connected insurance is expected to continue to grow in the coming years.

Points of discussion:

1. In what ways can AI help insurance companies personalise their offerings to individual customers? What kind of data can be gathered from connected devices to better understand a customer's unique needs and preferences?

2. How can AI be used to improve customer service in the insurance industry?

3. With the increasing use of connected devices and the growth of the Internet of Things (IoT), there is more data available than ever before. How can AI be used to help insurers make sense of all this data, and what kind of insights can be gleaned from analysing it?

Speaker Bio: Trenholm Palmer, is the Director of Digital Insurance at Volvo Financial Services (part of Volvo Group) in the United States market. He is responsible for the operations and growth of VFS's commercial and connected insurance distribution across the heavy truck and construction equipment finance channels. Prior to VFS, he founded and ran New Light Research, which provided alternative data insights to large professional services firms with a focus on publicly traded financial institutions and re/insurance companies. He also served as an advisory resource to insurtech start-ups on formation, insurer and specialty intermediary negotiations, go-to-market strategies, and product distribution. Before this 7+ year entrepreneurial period, Trenholm spent 13 years across a variety of sales and business development leadership roles within commercial insurance brokerage and management consulting. He holds a Bachelor of Arts degree from Washington & Lee University and a Master of Business Administration degree from ISM, Paris.