DIS­RUP­TION MODEL IN IN­SUR­ANCE ECON­OMY

The temp­ta­tion to ig­nore and walk away from the po­ten­tial of in­sur­ance based on crowd­sourc­ing can be well un­der­stood, but it’s quite un­wise ges­ture to make.

Industry Leaders - - New Ven­tures -

Mean­ing­ful in­tel­li­gence can be eas­ily fetched with the help of crowd­sourc­ing at vir­tu­ally any­time, any­where, and any­time, in any field. Crowd of­fers con­sumers to get as gritty as they want to, be­gin­ning from pre­dic­tive sur­vey­ing of higher-level, for in­stance, Kag­gle that draws var­i­ous thinkers of Phd-level to han­dle so­phis­ti­cated queries, to task-ori­ented, for in­stance, Ama­zon Me­chan­i­cal Turk that blends AI and hu­man to an­swer ques­tions, which can­not be han­dled by a com­puter in a strict man­ner.

As they of­fer care­ful con­sid­er­a­tion re­gard­ing join­ing the econ­omy of shar­ing, hav­ing a wary eye fo­cused on the new en­trants, ex­ec­u­tives of life in­sur­ance have ac­cepted the no­tion of crowd­sourc­ing as the best way to gen­er­ate ideas. Sure the ideation is very sig­nif­i­cant, con­sid­er­ing it as the best func­tion leaves a huge po­ten­tial on the table.

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