Are Insurance Companies Maximizing AI’s Impact? Leading Insurance Companies Dissect Strategies for Implementing AI

Are Insurance Companies Maximizing AI’s Impact? Leading Insurance Companies Dissect Strategies for Implementing AI
05.12.2018 07:35 am

Are Insurance Companies Maximizing AI’s Impact? Leading Insurance Companies Dissect Strategies for Implementing AI

Artificial Intelligence , Insurance

Understanding AI is non-negotiable for insurance carriers. Out of the entire spectrum of technology that have the potential to affect the insurance industry, the consensus is growing that AI is likely to have the biggest impact. The industry certainly believes this; insurance carriers’ investments in AI are increasing year-on-year, with the trend is set to continue, at least into 2019. And with good reason; Accenture’s Future Workforce Survey recently found that insurance companies that commit to AI to the same extent as “top-performing businesses could boost their revenue by an average 17 percent” by 2022.

AI has enormous potential for insurance; it has the power to connect customer data to product information in real-time, enhancing the customer experience and make processes faster and more efficient – exactly what the modern consumer desires.

Nonetheless, a major hurdle remains: figuring out how to get started. To provide some answers, Insurance Nexus recently held a webinar; “Turbocharge Tech Transformation: Integrate AI across Insurance” to explore the best strategies for how carriers can integrate AI across their operations. Moderator, Stephen Applebaum (Managing Partner, Insurance Solutions Group), was joined by Aviad Pinkovezky (Head of Product, Hippo Insurance), Alex Faynberg (Senior Vice President and Chief Actuary, Combined Insurance) and Fausto Martin (Founder, Fausto J. Martin & Company).

Listen to the recordings for exclusive insights into:

  • Create a framework to prioritize your AI implementation: Focus on the areas of maximum effect, starting small. Pick the ‘low-hanging fruit’ and free up capital that can then pay for larger projects
  • Target distribution with real-time performance analysis: empower agents and allow for real-time targeting to boost sales, lower acquisition costs, enhance customer satisfaction and increase retention
  • Empower employees to become more efficient: with access to a data lake and single customer view, give employees insight into your organization’s shared knowledge, rather than rely on the experience and judgement of a single adjuster
  • Identify areas for process improvement: before a process can be automated, it must first be well-defined and efficient. Although not every process can be automated, hear how Combined Insurance achieved savings through a focus on procedural efficiency

Listen to the recordings here

This webinar was run in association with the 6th annual Insurance AI and Analytics USA 2019, taking place May 2-3 2019, at the Renaissance Chicago Downtown Hotel, Chicago, Illinois. Welcoming over 450 senior analytics leaders, the event will provide a strategic roadmap for carriers to maximize the impact of AI, machine learning and advanced analytics. For more information about Insurance AI and Analytics USA 2019, please visit the website: https://events.insurancenexus.com/analyticsusa/

 

Ira Sopic

Project Director

Insurance Nexus

E: ira.sopic@insurancenexus.com

Related News

Virtually Connect with Global AI Leaders at Trescon’s World AI Show

After the Jakarta edition of World AI Show virtual conference which hosted 500+ global AI thought-leaders on Thursday, Trescon is all set to continue the experience with the... Read more »

Corinium and FICO report signals increased demand for Artificial Intelligence in the age of COVID-19

Today, FICO, a global analytics software firm, released  a ... Read more »

Numerix Launches New Artificial Intelligence Solution to Address $200 Trillion of Financial Contracts Affected by the Global LIBOR Transition

Numerix, the leader in risk technology, has partnered with NextGen Strategic Advisors, an innovative Financial Institutions management consulting firm, to introduce Numerix... Read more »

Kooomo launches state-of-the-art AI Chatbot

Following the launch of its new Help Centre, digital eCommerce solutions specialist, ... Read more »

Sidetrade Joins the Ranks of Euronext’s Rising Tech Stars

Sidetrade (Euronext Growth: ALBFR.PA), the artificial intelligence platform dedicated to accelerating company revenue and cashflow, has earned the European Rising... Read more »

QuantaVerse offers AI-powered country code derivation to enable financial institutions to experience the potential of automated entity resolution

QuantaVerse, which uses AI and machine learning to automate financial crime investigation processes, is now offering the country code... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel