The Blending of Insurance with Emerging Technologies and Big Data in Brazil

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Technology, predictive analytics, big data and artificial intelligence are increasingly influencing how societies operate across the world. Governments, businesses, schools, finance, and even policing institutions are turning to emerging technologies and predictive analytics. Insurance is no exception. Among the lowest loyalty and consumer satisfaction ratings in any industry, insurance institutions have aggressively pivoted toward using technology and big data in the past ten to fifteen years. In an article that I co-authored with Bryan Cunningham, The Technologization of Insurance: An Empirical Analysis of Big Data and Artificial Intelligence’s Impact on Cybersecurity and Privacy, 1 we revealed how insurance companies issuing cyber insurance use technology and big data to manage uncertainty concerning underwriting and regulate the behavior of businesses. In this essay, I offer some reflections on what Brazil should consider as technology and the insurance industry increasingly blend. My reflections are largely adapted from my prior article. I start by briefly highlighting the rise of insurance and technology in the United States. Then, I discuss the pros and cons of blending emerging technologies with insurance. Finally, I offer some preliminary recommendations for how Brazil might approach the likely push toward melding technology with insurance.