Technological advancement will define the insurance industry in the years to come, and jobs in the field will change in response. Deloitte interviewed the chief underwriting officers (CUOs) or equivalent business leaders of several large life and property-casualty (P&C) insurers in 2021. The use of artificial intelligence will become the norm for processing enormous and convoluted data flows, such as those associated with active insurance products that track an individual's behavior and activities. Thanks to geospatial and IoT technologies gathering more information about individuals, artificial intelligence algorithms may be able to create real-time risk profiles; allowing insurers to underwrite, price, and offer customized automobile, home, business, and even life coverage in a matter of minutes. They are already here
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Data from CB Insights reveals that global InsurTech investment totalled US$1.7bn in 2016, with both the volume and value of deals having roughly doubled since2014. Furthermore, InsurTech is now a truly global trend. While more than half of all deals still take place in the US(whose primary InsurTech hubs are SiliconValley, San Francisco and New York), theUK, Germany, China and India are now significant markets in their own right. With many other countries are following suit.

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What is driving this growth? The answer lies partly in the emergence of a cohort of startups whose products leverage technologies such as analytics, artificial intelligence (AI) and the Internet ofThings (IoT). These are three elements the insurance industry views as critical in delivering increased levels of personalization and better real-world outcomes for customers. Accenture’s analysis of more than 450 InsurTech deals shows how the number of deals relating to each of these technologies roughly tripled between 2014 and 2016 (see Figure3). This trio of technologies collectively accounted for 56 percent of the total number of deals that took place in 2016 –and approximately 70 percent of the total value invested.

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Sourced: Accenture report (attached)

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It doesn’t seem likely that AI will replace insurance agents anytime soon. At its core, selling insurance requires human touch – building relationships, paying attention, being empathetic, and caring about feelings, these qualities will never be replaced by AI.