Among the many industries that are changing with the times, many companies in the insurance industry have decided it is time for an upgrade. Existing models have recently been found inadequate and limited, and newer ones are being sought to replace them. Of course, artificial intelligence (AI) is playing a huge part in the new developments.
Before looking at some of the new changes, it must be realized that some things are uninsurable. Insuranceopedia says something is uninsurable because no precise value estimate can be determined for it—such as company trade secrets, reputations, political risks, risks caused by a pandemic, or regulatory risks. In other cases, something that is legal in one place may not be allowed in another.
