We spoke with David Lynch, the Group Chief Technology Officer at bolttech, about the future of the insurance industry and how it is shaped by the advancements in artificial intelligence (AI). With a rich history, including the establishment of Hong Kong’s premier fintech accelerator in collaboration with tech giants like Amazon and Microsoft, David is positioned uniquely to provide insights. He details the transformative power of AI, focusing on its integration within underwriting and product customization, and the increasing influence of IoT, especially in product creation.
A significant emphasis is laid on the industry’s strategic shift towards a “shifting left” paradigm. David highlights the growing expectation of insurance providers to offer more than mere compensation – they need to provide proactive measures and peace of mind. An illustrative example of this paradigm is state-of-the-art water leak detection devices, which embody the merger of IoT and insurance to address potential hazards preemptively. This notion of prediction and prevention is further solidified with the discussion about agents’ roles in an AI-augmented environment and the balance between data sharing, privacy, and delivering optimal results for customers.
On the topic of industry threats and evolutions, David notes the cyclical nature of technological disruptions but sees them as gateways to innovative approaches. The recent digital acceleration due to the pandemic serves as a testament to this. He also underscores the importance of fostering collaborations, emphasizing bolttech’s ethos of partnership. Wrapping up, he touches upon the regulatory dimensions of this digital transition, suggesting a symbiotic relationship between insurance providers and regulators for a future-ready industry.