As the coronavirus pandemic continues to drive consumers online, pressure is growing on existing insurers to embrace digital technologies. Existing insurers have been pushed over the past year to accelerate the deployment of mature AI applications to meet changing customer expectations and better compete with technology-focused companies. In terms of context, consumers are now twice as likely to buy insurance from big tech companies than they were four years ago.
This technology-focused digital environment makes it very necessary for insurance companies to tackle real AI use cases that can provide more competitive services. For example, some insurance companies use artificial intelligence to ensure greater accuracy for customers so that they can offer lower-priced policies. And insurance companies are embedding AI applications in their front, middle, and back offices to fend off tech-savvy start-ups.
Front office insurance
AI deployments are manifested in front-office assurances via IoT devices and in the form of virtual assistants to provide a smoother digital experience and improve customer satisfaction.
Middle office insurance
Insurers use artificial intelligence in the middle office to speed up the risk underwriting process and create more accurate risk profiles, making the process of onboarding clients seamless and cost-effective.
Back office insurance
AI simplifies back-office insurance claims management, including reducing fraudulent claims to increase operational efficiency.
To help insurance professionals navigate this digital transformation, Insider Intelligence has the extension Artificial intelligence in insurance report. The report assesses the business impact on insurance companies that choose to implement AI in their front, middle, and back offices. And because insurers also need to be aware of the risks that come with AI technology — including data security and compliance concerns — Insider Intelligence examines those risks as well.
The companies mentioned in this report are:
- all counties
- Zurich Insurance UK
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