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The insurance industry, built on the principles of risk assessment and mitigation, is on the cusp of a revolution. Traditionally, insurance premium prices have been based on models that rely on broad generalisations such as age. While risks to the insured vary based on lifestyles and human behaviour, existing models fail to capture the nuances of individual risk.
Artificial intelligence (AI) now offers insurers the ability to assess risk and price premiums with precision, moving away from group-based pricing to an individualised, lifestyle-based approach. This would create a win-win scenario where insurers achieve better risk management, while customers enjoy fairer premiums that reward healthy and responsible behaviour.
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