“Hey, Google, can you tell me a joke about insurance?”

Yesterday, I sat on a panel called “The Use of A.I. in Insurance” at the 2017 Insurance Canada Executive Forum. While I am not an insurance expert, I have a keen interest in the transformative nature of AI. I was asked to prepare a five-minute spiel to introduce myself and my interest in the topic. Unfortunately, our intros were usurped by time, and we moved straight to audience questions. Here, then, is the tiny, little speech that wasn’t:

Hmmm. I don’t know any jokes about insurance.” she said, in her best British accent.

Okay, here you go: Why did the orange stop half-way up the hill? – It ran out of juice!

“Do you know the present value of your husband’s policy?” the life insurance salesman asked his client.

“What do you mean?” countered the woman.

“If you should lose your husband, what would you get?” asked the salesman.

The woman thought for a moment, then brightened up and said, “Probably a poodle!”

  • Automating claims. Instead of multiple people tying this up, it’s one bot handling the processes.
  • Pattern recognition: this is good for many different tasks like flying drones over houses to estimate damage and costs, detecting fraud patterns
  • Underwriting and risk without lengthy assessments by scanning online activity (a bit scary) and combining it with Telematics (that little black box you put in your car for cheaper rates).
  • Helping a customer find out if they are under or over insured

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