The insurance industry, despite being complex and regulated, is poised to benefit significantly from the advancements in technology. It operates via IT systems and human resources, rendering it apt for transformation through evolving tech. Though the industry is currently burdened with outdated systems and lengthy contracts, it offers immense potential for productivity boosts through AI implementation. Focusing on key areas such as customer service, claims, and underwriting can introduce immediate value and efficiency. Intelligent automation can help reduce costs, expedite claim settlements, and hyper-personalize insurance coverage to fit customer needs. Even though digital investments haven’t yielded expected productivity gains to date, insurers are optimistic about leveraging AI models for greater efficiency and customer satisfaction in the future.
