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.

Incumbent insurers have been pushed to accelerate their use of mature AI deployments.

Incumbent insurers have accelerated their use of mature AI deployments in the past year to meet changing customer expectations and better compete with insurtechs.
Insider Intelligence details AI use cases within the insurance industry, and explores potential risks to this tech.
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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.

Front-office insurance

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.

Middle-office insurance

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.

Back-office insurance

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 …read more

Source:: Business Insider

      

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