Dr. E. Baturalp Pamukçu, General Manager of Türk Nippon Sigorta, stated that artificial intelligence rapidly began to influence all sectors including the insurance market, as a tool that was incorporated in many areas of our lives and simplified our daily routines.
“Many applications that we use within our daily lives activate themselves in the background without us even noticing, and simplify our lives visibly. In today’s world where artificial intelligence related initiatives have increased considerably, insurance market also began to be influenced by the “artificial intelligence” organism, just like other sectors,” said Dr. E. Baturalp Pamukçu.

He said that those works in the insurance market are mainly centered around data-oriented applications, as insurance was a business based on different estimations for the future. Dr. E. Baturalp Pamukçu added as follows: “The greatest advantage of artificial intelligence, especially in the insurance market, is that it can make accurate forecasts about the behaviors and preferences of potential customers, therefore enable us to use our product portfolio accurately and based on customer requirements based on accurate findings about policyholders who are the leading actors of ‘insurance’ concept. Today, insurance companies are still occupied by operations to a great extent. Handling such operational work, especially manually, indicates that we are always facing certain risks.”

Use of artificial intelligence is important for our market

Dr. E. Baturalp Pamukçu gave details about a research conducted by Forrester Consulting, according to which, sectors that actively use artificial intelligence have reduced their operational costs by 4% on average and collected data about customer behaviors that increase sales and decrease loss provisions through early interventions. By using artificial intelligence in the insurance market, we can easily detect the “risky customer” category while giving a motor price quote, as it can estimate how much burning cost can occur in case the policyholder is engaged in an accident by combining the situation with different calculation methods.

Artificial intelligence may change dimensions in the future

Artificial intelligence algorithms are of vital importance while sorting big and critically valuable data.  However, we definitely still need manpower to evaluate the data and make the right decisions whether to implement it or not. When we talk about artificial intelligence today, some people still think and say that robots will soon replace human resources. I do not believe that we will dismiss human resources all together and have a system that entirely consists of robots, not in the near future.  It is true that we will reach some data and information thanks to findings by robots, however, we still have a really long way to go until they can dominate the market and replace human resources entirely. Although it seems utopic today to think that it would be possible to sustain the market entirely depending on artificial intelligence techniques and without needing the touch of humans; it seems possible that we will face a situation where they will be influential on the future of insurance market, just like on the other markets.”