Artificial Intelligence Is Set to Rewrite the Rules of Insurance

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Few industries stand to gain as much by adopting artificial intelligence as insurance. Insurance companies rarely relate to their customers other than at the time of the claim, so making that experience as simple and productive as possible is key to customer retention.

Artificial Intelligence and decision support

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With seven billion people on the planet, every one of them making choices and having opinions, it may seem odd to say there aren’t enough people to make decisions, and that’s why we need help from artificial intelligence.

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Artificial intelligence use cases explode in insurance

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Artificial intelligence Machine LearningThe range of technologies that are part of the AI family give carriers a lot of options in using it.

Three sectors being transformed by artificial intelligence

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Retail, insurance and government are three areas where AI will be implemented this year in ways we haven't seen before. Artificial intelligence Machine learning Customer experience

Where RPA and artificial intelligence diverge matters for insurers

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RPA in insurance has made its way into The New York Times, with an interesting articleabout how State Auto Insurance Companies has eliminated 25,000 hours of manual human work from their back office using screen-scraping process automation technology.

5 key factors in insurance AI success

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Artificial intelligence Machine learningData quality and customer-centricity are crucial to getting value from initiatives.

Artificial Intelligence Will Enable Self-Service Capabilities for Enterprise Automation in 2019

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The explosion and ease of robotic process automation (RPA), integration with mobile devices and intelligent automation will make AI more accessible and consumable to the enterprise in 2019 with true business benefits. by Anthony Macciola, Chief Innovation Officer, ABBYY.

AI investment biggest among larger insurers: LexisNexis

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HR Technology Artificial intelligence Machine learningNearly two-thirds of carriers surveyed overall are adopting AI and machine learning technology.

12 ways health insurers are ramping up digital

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Approaches such as analytics, artificial intelligence and smart phone apps aim to improve care and save money. Payers Healthcare analytics Predictive analytics Artificial intelligence Medical apps Humana

Three insurance challenges being addressed by AI

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Many carriers are leveraging some type of artificial intelligence to solve widely variant business problems. Artificial intelligence Machine learning

7 digital customer experience trends in insurance

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SMA sees significant spending and shifts in personal lines projects that are aimed at aligning insurers’ strategies to transformation and growth. Customer experience Insurance technology Property and casualty insurance Investment strategies Customer-centricity Core systems Artificial intelligence Strategy Meets Action

Is regulation coming for insurance analytics?

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Artificial intelligence Analytics Fintech regulationsA bill introduced in Congress would let the FTC require and monitor procedures by big companies to audit algorithms for fairness and accuracy.

5 cool vendors for digital insurance platforms

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are among the top innovators for intelligence-based technologies to improve accuracy and automate decisions, says a new Gartner report. Data strategy Artificial intelligence Machine learning Data managementAtidot, Galaxy.AI, PHR Plus, Traffk and Zesty.ai

3 leading AI concerns for insurers

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For AI in insurance, the conversations have moved beyond the use cases and on to the pragmatic details. Artificial intelligence Machine learning

The state of AI and information readiness in banking

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AI & Analytics Customer Experience Banking & Insurance financial services Personalization artificial intelligence AI-enhanced analytics platformification retail banking platformification in banking personalization in banking

QBE Insurance betting big on AI

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Its venture arm is investing in a number of artificial intelligence companies, most recently machine-learning company HyperScience. Artificial intelligence Machine learning Venture capital

4 tips for implementing automation in insurance

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Competitive pressures mean insurers are highly incentivized to automate more processes where they can to meet customer expectations, says KPMG. RPA Artificial intelligence Machine learning

Prospects rise for regulation in insurance analytics

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Artificial intelligence AnalyticsA bill introduced in Congress would let the FTC require and monitor procedures by big companies to audit algorithms for fairness and accuracy.

Making the case for AI in commercial insurance

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Many insurers are hesitant to invest in AI without proof that these theoretically smart systems will yield real-world returns. Artificial intelligence Machine learning

The insurance industry is a prime target for AI technologies and solutions

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Those investing in artificial intelligence should consider exactly what the company will most benefit from, and which technology will help it reach those goals. Artificial intelligence Machine learning Insurance

Six ways AI will change insurance soon

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Insurers must decide which business problems they need to address first, which require more data, and how to operationalize models in their core production system. Analytics Artificial intelligence Machine learning

New York Department of Financial Services Issues Guidance Regarding Life Insurers’ Use of External Consumer Data in Underwriting

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On January 18, 2019, the New York State Department of Financial Services (NYDFS) issued Circular Letter 2019-1 (the Circular Letter), addressing insurers’ use of external consumer data and information sources in underwriting for life insurance. In other words, insurers may not use an external data source to collect or use information that the insurer would otherwise be prohibited from collecting or using directly.

5 use cases for AI in insurance

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Artificial intelligence Machine learningFor upstarts, these represent opportunities to disrupt the old guard; for established firms, these approaches can stave off new competitors.

Insurers must think strategically about AI

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Artificial intelligence Machine learning Data strategyWhile most executives expect AI to have a transformative impact on economic growth and competitiveness, executives may need to temper near-term expectations.

4 payoffs for AI in commercial insurance

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Analytics Artificial intelligence Machine learningAI is slated to provide a large source of value and a key driver of competitive advantage going forward.

Defeating roadblocks to using data and AI in insurance

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Do insurers own the required skills internally, or do they need to find them outside of their firms? Artificial intelligence Customer data Analytics Celent

Insurance CFOs seek larger digital role

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Data strategy Real-time data Data science Analytics Machine learning Artificial intelligence AccentureLeaders of the finance organizations want to be leaders in developing data and digital strategy, according to Accenture survey.

How insurers can think strategically about AI

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Carriers looking to apply artificial intelligence and machine learning to business processes should make sure they understand the problem they are trying to solve, say panelists. Artificial intelligence Machine learning Underwriting QBE North America RiskGenius

Automation could lift insurance revenue by $243 billion

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But only about 8% of insurers have fully automated some part of their processes, according to Capgemini survey. Automation RPA Artificial intelligence Machine learning Capgemini

AI represents more than just cost reduction for insurance

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While the industry is concentrating on smaller plays right now, artificial intelligence has transformative implications for carriers and policyholders. Artificial intelligence Machine learning Celent

4 AI-related trends shaping insurance

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Artificial intelligence Machine learning Analytics McKinsey & CompanyAn in-depth examination at what the industry may look like in 2030 highlights dramatic changes across the value chain.

AI could help insurers bolster their workforce

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Artificial intelligence Machine learning Workforce management AccentureRather than just replace jobs, advanced computing technologies could augment them, as long as investments and training are strategic, says Accenture.

Customer experience, AI on insurance CIO agendas

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Customer experience Artificial intelligence Machine learningTech leaders note, however, that technology can't succeed without organizational incentives that focus on customer engagement.

Europe's insurers face tough questions on AI

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Compliance Customer data Data ownership Artificial intelligence Machine learning GDPRThe EU's General Data Protection Regulation will require firms to get consent to use personal data in automating decisions.

Variety of healthcare entities see a bright future for AI

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A survey of 500 senior healthcare executives by Optum reveals optimism on the promise of artificial intelligence, offset by the work needed to achieve results. Artificial intelligence Internet of things Wellness program ROI Insurance Medical research Optum

Anthem joins Stanford initiative to find benefits from AI

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Anthem Blue Cross is joining a Stanford University initiative that aims to advance the development of artificial intelligence for use within healthcare. Artificial intelligence Health insurance Health data Patient engagement

Top emerging techs for insurers: Predictive analytics, AI, chatbots

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Artificial intelligence Machine learning RPA AnalyticsBut carriers are looking for these technologies to prove themselves before widespread deployment, says Novarica study.

Ransomware, Mobile Malware Attacks to Surge in 2020

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Targeted ransomware, mobile malware and other attacks will surge, while companies will adopt AI, better cloud security and cyber insurance to help defend and protect against them.

Optimizing data as the backbone for insurance innovation

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Analytics Predictive analytics Big data Artificial intelligence Machine learning EYAdvanced analytics capabilities are the key platform for new products and services, EY’s David Bassi says.

How AI, blockchain and autonomous vehicles will shake up insurance: Allianz exec

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Blockchain RPA Machine learning Artificial intelligence Driverless AllianzDogan Kaleli, leader of the program business, finds opportunities to pilot various emerging techs in his role and beyond.