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INSIGHTS / Articles

AI to Revolutionise the Insurance Industry

 1 May 2018 
INSIGHTS / Articles

AI to Revolutionise the Insurance Industry

 1 May 2018 

Artificial intelligence (AI) is already a buzz word in the IT space, but there’s just as much interest in sectors such as insurance. The Technology Vision for Insurance 2017 has found that 79 per cent of insurance executives believe that AI will forever change the way they gain information from and interact with customers.

AI to Revolutionise the Insurance Industry

An almost equal number (77 per cent) of insurance executives believe AI is quickly moving society from a mobile-first to a new AI-first era of computing. Simple and smart interactions are expected to deliver value at each connection with insurance customers, employees and partners, so AI is well positioned to deliver on this and become the new user interface of every digital insurer.

The growing interest by insurers in AI is connected with a desire to understand more about the customers. 82 per cent of insurers agree that it is not enough for the organisation to understand where people are today, but also where they want to be.

Insurers are always looking at new and innovative ways to build upon customer experiences and relationships. While technologies such as Big Data and AI will aid in understanding where customers are headed based on their past and present choices, 35 per cent of insurers will rely on human behaviour to drive the creation of new customer experiences over the next three years.

Adopting a platform-based business model is a priority for insurers, however for many it has so far just been a strategy. Now 94 per cent of insurance executives agree a robust ecosystem approach, together with trusted digital partners, is needed to support a platform company strategy.

This growing recognition of technology partners is significant when it comes to competitive advantage, with 76 per cent admitting it will not be determined by their organisation alone. Instead, they say it will be will due to the strength of the partners and ecosystems they choose.

The desire to innovate has extended beyond products to the workforce and corporate structure. The majority (79 per cent) of insurance executives admit that their organisations are under extreme competitive pressure to deliver innovation internally as much as externally.

The rise of on-demand labour platforms and online management solutions have created new marketplaces for sourcing talent. This trend has not escaped the attention of 82 per cent of insurers, which acknowledge that the digital revolution is resulting in a new era of corporate economic structure and transformation.

The report paints a picture of today’s insurer’s finding themselves in an ecosystem-driven digital economy. In fact, the majority (73 per cent) are seeing their organisation entering new digital industries that have yet to be defined.

In order for them to succeed in this evolving marketplace and seize the emerging opportunities, they will need to establish rules and standards for entirely new industries. Blockchain is at the top of their priorities, with 33 per cent planning to use it in the next two years and another 36 per cent have it on their roadmap.

We’ve already assisted insurance companies such as Benefit Mall, E-Meditek, Exide Life Insurance, Future Generali, HDFC Ergo, ICIC Lombard, PNB Metlife and others with their digital transformations. If you are looking for guidance with technology platforms and emerging technologies such as AI, contact us today to learn how we can ensure the best quality experience for you and your audience.

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