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AI in Insurance: How three forward-looking insurers are infusing AI into their front, middle, and back offices

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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, in our AI in Insurance Report . Do you work in the Fintech industry? Get business insights on the latest tech innovations, market trends, and your competitors with data-driven research.

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FYIs, partner content, webinars, and other offers) and accept our Terms of Service and Privacy Policy . You can opt-out at any time. 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.

Insider Intelligence 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 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: Allstate Aon LeakBot Progressive Prudential Zurich Insurance UK Interested in getting the full report? Here’s how you can gain access: Join other Insider Intelligence clients who receive this report, along with thousands of other Fintech forecasts, briefings, charts, and research reports to their inboxes. >> Become a Client Purchase the individual report from our store. >> Buy The Report Here Are you a current Insider Intelligence client? Log in and read the report here.

More Financial Industry Topics: US Banking Companies Digital Banking Trends Financial Services Industry Fintech Companies & Startups Insurtech Companies Neobanks.


From: businessinsider_us
URL: https://www.businessinsider.com/6-15-2022-ai-in-insurance-report

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DTN
Dubai Tech News is the leading source of information for people working in the technology industry. We provide daily news coverage, keeping you abreast of the latest trends and developments in this exciting and rapidly growing sector.

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