In the next decade, the insurance industry as we know it will be unrecognizable. Cars, homes, and individuals will all be insured within highly flexible insurance programs. They will include sophisticated mechanisms to dynamically and automatically adjust coverage, ensuring that it is optimal and personalized at any given moment.
Insurance companies will need to invest in the development of AI-powered tools and solutions, while at the same time develop and invest in explainability solutions that will instill trust in business professionals, regulators, and consumers. This will enable insurers to provide optimal protection to their customers and adapt to changing market conditions.