As the coronavirus pandemic continues to drive consumers online, the pressure for incumbent insurance companies to adopt digital technology is intensifying. Incumbent insurers have been pushed to accelerate their use of mature AI deployments over the past year to meet changing customer expectations and better compete with tech-centric firms. For context, consumers are now twice as likely to buy insurance from big tech firms, versus four years ago.
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This digital, tech-centric environment makes it all the more necessary for insurers to look at real AI use cases that can offer more competitive services. For example, some insurers are using AI to more accurately underwrite customers, allowing them to offer better-priced policies. And insurers are integrating AI implementations across their front, middle, and back offices in order to fend of tech-savvy startups.
AI deployments are manifesting in front-office insurance via IoT devices and in the form of virtual assistants, to deliver a more seamless digital experience and to improve customer satisfaction.
Insurers are using AI in the middle office to accelerate risk underwriting and create more accurate risk profiles—making the customer onboarding process smooth and cost-effective.
AI is streamlining claims management in the back office of insurance, including reducing fraudulent claims, to drive operational efficiencies.
To help insurance professionals navigate this digital transformation, Insider Intelligence put together the AI in Insurance Report. The report assesses the business impact of insurers that choose to implement AI in their front, middle, and back offices. And because insurers also need to be conscious of the hazards that come with AI technology—including data security and compliance concerns—Insider Intelligence also explores these risks.
The companies mentioned in this report are:
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