| Abstract [eng] |
SUMMARY 65 pages, 4 figures, 18 tables, 48 references. The main objective of this master's thesis is to determine how the application of Artificial Intelligence technologies transforms traditional insurance risk assessment methods. The work consists of three main parts: literature analysis, research and its results, conclusions and recommendations. The literature analysis reviews the development of insurance risk management, insurance risk assessment and the assessment process, discusses traditional insurance risk assessment methods, provides an overview of the application of artificial intelligence (AI) technologies in insurance risk assessment, and presents the opportunities for and the advantages and disadvantages of using artificial intelligence in insurance risk assessment. After conducting the literature analysis, the author identified which traditional insurance risk assessment methods are applied by non-life insurance companies operating in Lithuania. Responses to the prepared questionnaire were provided by risk assessors from eight registered companies in Lithuania. A total of 15 respondents participated in the study. The main aim of the questions was to determine how artificial intelligence (AI) technological solutions transform traditional insurance risk assessment methods. The respondents' answers were carefully analyzed, and categories and subcategories were formed. The conducted research revealed that the application of AI technological solutions in the field of risk assessment complements traditional insurance risk assessment methods, making the insurance risk assessment processes faster and more accurate from both quantitative and qualitative perspectives. Furthermore, the use or implementation of AI technological solutions leads to more accurate pricing, competitive advantage, and technological progress in the field of risk assessment. In conclusions and recommendations summarizing the main results of the literature analysis and the conducted research, insights are provided regarding the transformation of traditional insurance risk assessment methods through the application of AI Technological solutions. The author believes that the research results could provide useful guidelines for insurance companies intending to implement artificial intelligence technological solutions to enhance their insurance risk assessment processes, while insurance companies that have already adopted AI Technological solutions for insurance risk assessment could benefit from further transforming or complementing these systems. |
