INSURANCE OPPORTUNITIES AND CHALLENGES IN AN ARTIFICIAL INTELLIGENCE SOCIETY

Abstract

Purpose: The study examined the insurance opportunities and challenges in an Artificial Intelligence society. Methodology: This study relied on a critical review of previous academic studies on Artificial Intelligence and the insurance industry between 2017 and 2022. This method was chosen since it is more reliable, economical, and efficient in terms of time and resources. In addition, the researcher opted to use recent studies since they provide more updated information on the AI technologies that have significant impact on the insurance industry. Findings: The results of the study revealed that the reviewed studies consisted of contextual and conceptual gaps. This is because some of the studies did not target insurance companies but other companies hence the findings may not be applicable to the insurance industry. In addition, most of these studies  discussed the insurance opportunities and benefits at in depth, but failed to discuss on the challenges that insurance firms face in an artificial intelligence society. Unique Contribution to Theory, Practice and Policy: The findings of this study will be relevant to the main players in the insurance industry. The management team of the insurance companies will have a better understanding of how the various AI technologies are adopted to the different insurance operations so as to improve business efficiency. The study has also been able to  outline the main challenge that the insurance sector experience in the adoption of AI, this will encourage the management to consider investing in training programmes so as to improve the skills of their employees. On the other hand, the policymakers will also benefit from this study when developing better legal frameworks that promote the adoption of AI. Further, the study will also be useful academically to researchers and scholars by expanding the body of information on insurance and artificial intelligence, which is still scarce. The reviewed studies' highlighted research gaps that can also inspire researchers and scholars to conduct additional research on artificial intelligence and insurance. In particular, the study's key research gap on the insurance challenge experienced in an artificial intelligence society.