Massive reductions in insurance costs are coming, along with a wave of disruption. Traditionally, insurance premiums are determined by actuaries, a function of big numbers, statistics and probabilities. That's what you have to do when you don't know what's really going on. You hope that the pool of insured individuals is big enough to account for the variation in your predictive model.
But exponential technologies — namely, computation/digitization, artificial intelligence, machine learning, sensors, networks (especially social... read more