26 Mar Importance of Artificial Intelligence in an Insurance company
After the trade market, the insurance industry is another sector where one can foresee the next big paradigm shift. Insurance companies are seen standing on trembling ground and confront massive challenges due to tentative stability and natural catastrophes.
Insurance is no doubt an industry built around risk and hazards. Insurance companies greatly depend upon their competence to predict what risk people, company, or organization serves. Predictions mainly depend on the information they have about these risks and how authentic they are, only then can they draw an accurate conclusion. The emergence of AI and Big Data technology means that insurance companies should incorporate ways to implement them in their work to get the much-needed edge over the competition.
How exactly do these innovations change the industry? Let’s have a sneak-peek into some of the most important examples.
The survey that was conducted on more than 100 companies reveals that 79% contritely admit that they are still thinking about going digital or are still in their learning phase. 57% expresses that even though they own business operating models, they do not have any support for digital platform/solutions. 89% don’t prioritise previous interactions while serving customers with product/service recommendations.
These statistics show how the insurance industry is coping to cognize and leverage digital advancements. The survey has also illuminated some of the key challenges faced by the insurance industry. Some of them are:
- Digital capabilities are not in sync with digital goals
- Conflicts among distributors
- Indifferent mindset towards digital analytics
- The marginalization of social media and mobile
- Towering pressure of cost, competition and consumer expectations and
Application of Artificial Intelligence in Insurance
Over the last couple of years, we have been a part of widespread emergence and adoption of AI across multiple industries like hospitality, healthcare etc. If one may recall, many global financial companies and banks back in those days relied on a punch card and basic computing system to monitor customer activities. Therefore the concept of Artificial Intelligence in the Insurance industry – analyzing data, foreseeing results and helping with decision making is not so implausible after all.
For us, the insurance industry has become the area of human endeavour where Walkter Beacon Lab handhold the insurance companies in terms of “innovation,” and “artificial intelligence”. We have adopted seamless and intuitive digital solutions with Artificial Intelligence in the Insurance industry.