- To meet customer expectations and compete better with insurtechs, incumbent insurers have increased their use of mature AI deployments over the past year.
- Insider Intelligence examines AI use cases in the insurance industry and discusses potential risks.
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The coronavirus pandemic continues driving consumers online. This is putting pressure on incumbent insurance companies to adopt digital technologies. In order to keep up with changing customer expectations, incumbent insurers were urged to use mature AI deployments more frequently over the past year in order to better compete against tech-centric companies. This is compared to four years ago, when consumers were twice as likely to purchase insurance from large tech companies.
Insurers are being urged to use mature AI deployments faster by their incumbents. Insider Intelligence
In this digital and tech-centric world, it is more important for insurers that they look at AI applications that could offer better services. Some insurers use AI to better underwrite customers and offer more affordable policies. In order to protect themselves from tech-savvy startups, insurers integrate AI implementations into their back, middle and front offices.
Insurance for front-office employees
AI deployments can be seen in front-office insurance via IoT and virtual assistants. This allows for a seamless digital experience and improves customer satisfaction.
Insurance for middle-office locations
Insurance companies are now using AI in their middle office to speed up risk underwriting and create more precise risk profiles. This makes customer onboarding smoother and more cost-effective.
Insurance for back-office employees
AI streamlines claims management in insurance’s back office, including reducing fraudulent claims to increase operational efficiency.
Insider Intelligence created the AI in Insurance Report to assist insurance professionals in this digital transformation. This report evaluates the impact on business of insurance companies that implement AI in their back, middle and front offices.
These companies are:
- Allstate
- Aon
- LeakBot
- Progressive
- Prudential
- Zurich Insurance UK
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Additional Financial Industry Topics
- US Banking Companies
- Digital Banking Trends
- Financial Services Industry
- Fintech Companies & Startups
- Insurtech Companies
- Neobanks
