Are Insurance Companies Maximizing AI’s Impact? Leading Insurance Companies Dissect Strategies for Implementing AI
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).
- 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
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 or get in touch with me: https://events.insurancenexus.com/analyticsusa/
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