66690535-731d-47ba-bf7d-38c45e7ca745_13249_-_alex_zarifis.pdf (890.76 kB)
Evaluating the impact of AI on insurance: The four emerging AI- and data-driven business models [version 1; peer review: awaiting peer review]
journal contribution
posted on 2019-10-02, 12:38 authored by Alex Zarifis, Christopher P. HollandChristopher P. Holland, Alistair MilneAlistair MilneThe increasing capabilities of artificial intelligence (AI) are changing the way organizations operate and interact with users both internally and externally. The insurance sector is currently using AI in several ways but its potential to disrupt insurance is not clear. This research evaluated the implementation of AI-led automation in 20 insurance companies. The findings indicate four business models (BM) emerging: In the first model the insurer takes a smaller part of the value chain allowing others with superior AI and data to take a larger part. In the second model the insurer keeps the same model and value chain but uses AI to improve effectiveness. In the third model the insurer adapts their model to fully utilize AI and seek new sources of data and customers. Lastly in the fourth model a technology focused company uses their existing AI prowess, superior data and extensive customer base, and adds insurance provision.
Funding
This research is part of the TECHNGI project (Technology Driven Change and Next Generation Insurance Value Chains) that is funded by the Economic and Social Research Council (ESRC) in the UK, grant number ES/S010416/1.
History
School
- Business and Economics
Department
- Business
- Economics
Published in
Emerald Open ResearchVolume
1Citation
Zarifis A, Holland CP and Milne A. Evaluating the impact of AI on insurance: The four emerging AI- and data-driven business models [version 1; peer review: awaiting peer review]. Emerald Open Res 2019, 1:15 (https://doi.org/10.35241/emeraldopenres.13249.1)Publisher
Emerald PublishingVersion
- SMUR (Submitted Manuscript Under Review)
Rights holder
© Zarifis A et al.Acceptance date
2019-09-21Publication date
2019-10-01Copyright date
2019Notes
Articles in Emerald Open Research can be updated and amended at any time post publication, but each version is independently citable with its own DOI (digital object identifier). The most recent version is displayed as the default.Publisher version
Language
- en
Depositor
Dr Alex ZarifisArticle number
15Usage metrics
Categories
No categories selectedLicence
Exports
RefWorks
BibTeX
Ref. manager
Endnote
DataCite
NLM
DC