The DOI matches its Crossref record; 97 of the 97 references it cites were found in a registry or an index.
The impact of artificial intelligence along the insurance value chain and on the insurability of risks
Open accessAbstract
Abstract Based on a data set of 91 papers and 22 industry studies, we analyse the impact of artificial intelligence on the insurance sector using Porter’s (1985) value chain and Berliner’s (1982) insurability criteria. Additionally, we present future research directions, from both the academic and practitioner points of view. The results illustrate that both cost efficiencies and new revenue streams can be realised, as the insurance business model will shift from loss compensation to loss prediction and prevention. Moreover, we identify two possible developments with respect to the insurability of risks. The first is that the application of artificial intelligence by insurance companies might allow for a more accurate prediction of loss probabilities, thus reducing one of the industry’s most inherent problems, namely asymmetric information. The second development is that artificial intelligence might change the risk landscape significantly by transforming some risks from low-severity/high-frequency to high-severity/low-frequency. This requires insurance companies to rethink traditional insurance coverage and design adequate insurance products.
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“Moreover, the application of AI by insurance companies might allow for a more accurate prediction of loss probabilities, thus reducing one of the industry's most inherent problems, namely asymmetric information (124).”
From The impact of generative artificial intelligence on socioeconomic inequalities and policy making (2024) · cites this paper as [124]
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“Since the application of digital technologies affects the entire insurance value chain (Eling & Lehmann, 2018; Eling et al., 2022), it has the potential to affect the efficiency of insurance companies as well.”
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“Finally, other fields regard the use of machine learning for evaluating the insurability of risks (Eling et al. 2021), customer profitability and loyalty (Fang et al. 2016; Riikkinen et al. 2018), the analysis of legal documents (Zappa et al. 2021; Sabban et al. 2022), the use of virtual assistants…”
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Metadata
- Authors
- Eling, M., Nuessle, D., & Staubli, J.
- Affiliations
- University of St.Gallen (CH)
- Corresponding author
- Eling, Martin
- ORCID
- Eling, Martin
- Venue
- The Geneva Papers on Risk and Insurance Issues and Practice
- Published
- 2021-02-08
- Volume
- 47
- Issue
- 2
- Pages
- 205-241
- ISSN
- 1018-5895 (ISSN-L)
- 1468-0440
- OpenAlex
- W3126999983
- Cited by
- 156
- References
- 96
- Citations by year
- 2026: 25 · 2025: 38 · 2024: 38 · 2023: 30 · 2022: 17 · 2021: 7
- FWCI
- 17.54
- Type
- journal article
- Language
- en
- Open access
- hybrid
- doi.org
- Locations
- The Geneva Papers on Risk and Insurance Issues and Practice (publishedVersion, cc-by)
- RePEc: Research Papers in Economics (submittedVersion)
- Alexandria (UniSG) (University of St.Gallen) (submittedVersion)
- Funders
- University of St.Gallen
- Topics
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Insurance and Financial Risk Management
- Physical Sciences › Computer Science › Artificial Intelligence › Artificial Intelligence Applications
- Social Sciences › Decision Sciences › Management Science and Operations Research › Impact of AI and Big Data on Business and Society
- Keywords
- artificial intelligence, insurance value chain, insurance business models, loss prediction, loss prevention, information asymmetry, risk transformation, insurance products, cost efficiency, income sources
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