THE AI IN INSURANCE REPORT: How forward-thinking insurers are using AI to slash costs and boost customer satisfaction as disruption looms
- This is a preview of the AI in Insurance research report from Business Insider Intelligence.
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The insurance sector has fallen behind the curve of financial services innovation - and that's left hundreds of billions in potential cost savings on the table.
In the AI in Insurance Report, Business Insider Intelligence will examine AI solutions across key areas of the front office - customer service, personalization, and claims management - to illustrate how the technology can significantly enhance the customer experience and cut costs along the value chain. We will look at companies that have accomplished these goals to illustrate what insurers should focus on when implementing AI, and offer recommendations on how to ensure successful AI adoption.The companies mentioned in this report are: IBM, Lemonade, Lloyd's of London, Next Insurance, Planck, PolicyPal, Root, Tractable, and Zurich Insurance Group.
Here are some of the key takeaways from the report:
- The cost savings that insurers can capture from using AI in the front office will allow them to refocus capital and employees on more lucrative objectives, such as underwriting policies.
- To ensure that AI in the front office is successful, insurers need to have a clear strategy for implementing the tech and use it as a solution for specific problems.
- Insurers are still at different stages when it comes to implementing AI: a number of them need to find ways to appropriately build their strategies and enable transformation, while the others must identify how to move forward with their existing strategy.
- Overall, incumbents should focus on a hybrid model between digital and human to ensure they're catering to all consumers.
- Outlines the benefits of using AI in the insurance industry.
- Explains the three main ways insurers can revamp their front office using the technology.
- Highlights players that have successfully implemented AI solutions in their front office.
- Discusses how insurers should move forward with AI and what routes are the most lucrative option for players of different sizes.
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