| How 3 Forward-Looking Insurers Are Infusing AI Into Their Front, Middle, and Back Offices to Better Compete with Insurtechs and Meet Changing Customer Expectations |
* This chart and data were pulled from The AI in Insurance Report by Insider Intelligence. Purchase the report here to get immediate access to the full analysis. |
Insurers have lagged other sectors in implementing AI, leaving a gap for tech-centric firms to disrupt the space. Competitive threats from both insurtechs and big tech firms are reshaping the value chain away from incumbents. And with the pandemic pushing consumers online, the pressure on insurers’ digital transformation is intensified.
But in the last year, forward-looking incumbents have stepped up the pace of applying AI to their operations, and they’re doing so across their front, middle, and back offices. | | Claims Management. Insurers can leverage AI to streamline the traditionally labor- and data-intensive process in which a policyholder claims compensation for a covered loss or policy event. Much like for underwriting, AI solutions can analyze all data sets—such as the claimant's profile, policy history, and details of the present claim—at once to produce faster, more accurate results and drive down costs: For example, Aon’s AI-powered Claims Signal is expected to generate a 4% to 6% improvement in claims indemnity and expenses. |
| Fraud Prevention. AI can also help detect discrepancies and fraud early, reducing insurers’ fraud-related outlays: $80 billion in fraudulent claims are made annually in the US, per Stonebridge Business Partners. This application will likely become more widespread among insurers as the industry braces for... |
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