Artificial intelligence (AI) will change the face of the insurance industry over the next five to ten years. By automating routine tasks and augmenting decision making, AI will enable smarter risk selection and pricing decisions, root out fraud, settle claims more quickly, produce more accurate reporting and forecasting, and – most important of all – radically transform the customer experience.
As insurers increasingly recognise its potential, attitudes toward AI have changed dramatically over the past year. In Genpact’s second AI 360 report, we found that AI adoption is accelerating rapidly among insurers. Plans for AI are becoming more extensive, and all our respondents expect to adopt AI within the next three years.
This report explores the rise of AI across the insurance industry, the use cases that will revolutionise claims and underwriting, and how insurers can overcome the challenges when implementing this game-changing technology.
• Claims – from customer pain to customer gain.
• Putting the AI in claims.
• Underwriting – from pool to personal.
• Applications of AI in underwriting.
• The hurdles to AI adoption.
• The future’s bright with AI.