The impact of AI on the insurance industry
Welcome to the Reading Room – a short round up of interesting reading about anything and everything to do with digital communication.
The insurance industry is often accused of outdated processes, leaving today’s digital customers frustrated and dissatisfied. However, new technology driven by Artificial Intelligence is set to revolutionize the customer experience by enabling insurers to provide products and service levels that are more aligned with the modern customer’s expectations.
With AI systems adopting more human capabilities, they could soon replace many functions of a typical independent agent. This technology can also improve internal processes and assist insurers in cutting down on time spent on mundane tasks, recommending new coverage for clients and finding solutions to improve on existing policies. This article discusses AI applications that have the greatest potential to impact the insurance industry.
- Publisher: Inguard
- Access: Public
- Download: None
Artificial Intelligence Set to Transform Insurance Industry but Integration Challenges Remain, According to Accenture Report
AI is one of five key trends shaping the insurance industry according to this report from Accenture which found that insurers are investing in AI technology to enhance the customer experience and empower their own people. At the same time, however, it highlights the challenges insurers face when integrating AI into their existing technology, citing issues such as data quality, privacy and infrastructure compatibility.
- Publisher: Accenture
- Access: Public
- Download: article – PDF (report) – 1.83mb
An interesting blog post (and quick read) that looks at ways AI could possibly transform the insurance industry, namely, operational efficiency, augmenting revenue streams, enhancing customer experience and enabling market competitiveness. The author also provides a simple three-step strategy to help prepare the insurance industry for the introduction of AI-based platforms.
- Publisher: Hedgehog lab
- Access: public
- Download: none