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How the Insurance Industry Is Leveraging AI

Introduction

Insurance is one of the most critical industries there is; it is what saves people and organizations from falling into financial trouble after a crisis or an unforeseen event. However, it is often deemed as the least innovative industry with outdated processes, time-taking procedures and delays, legacy IT systems, and many dissatisfied and even disgruntled customers. 

With the change in demographics and a rapidly growing population of millennials who are tech-savvy and like to perform their banking and finance-related transactions online, it has also become indispensable for every organization in the banking and finance sector to cater to their needs.

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AI Is More Than Robots: Top Applications of Artificial Intelligence in Insurance

The insurance industry is quite prone to uncertainties as it’s highly dependent on global trends, ever-changing rules and regulations, and dynamic demographics of customers. Leading businesses are leveraging artificial intelligence in insurance for redefining the playing field. AI has undergone a massive transformation in the past few years, to the point that insurers can now capitalize on their AI investments with new applications. Let’s have a look at the market size of artificial intelligence in insurance and its prominent use cases in the industry. 

The Global Market

The market size of artificial intelligence in insurance is expected to reach the value of USD 6.92 billion by the year 2028.  It is estimated to grow at a CAGR of 24.05% in the forecast period of 2021 to 2028. 

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Customer Engagement With Chatbots in Insurance Industry

As the world is moving towards a digital revolution in all business fields, the same pattern is visible in the insurance industry. Though the progress that insurance has made in the digital outlook has been quite steady compared to other finance domains, but it seems now is the time for insurance businesses to balance the technological disruption with their growth. This has been significantly prioritized by the intervention of insurance chatbots.

The competitiveness of the insurance industry is measured by the betterment of customer engagement. So when technology had begun to elevate the industry, one of the most important areas for its capability and energy was needed in the enhancement of customer experience.

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Build vs. Buy: The Conundrum Facing the Insurance Industry as It Embraces AI

Artificial intelligence (AI) has been discussed everywhere over the last few years, and now it’s made its way into the commercial insurance industry. Organizations are using AI and machine learning for everything from streamlining operations to offering more personalized care and better customer service. There is an increasing sense of urgency about getting started on the AI journey. The question is how? Do they develop a custom solution in-house or purchase a third-party solution already on the market?

At first blush, the temptation to build can be strong — after all, you can design exactly what you want for your specific environment. But, in reality, it’s hard to accurately weigh the perceived benefits of a highly customized internal platform against the time and cost requirements compared to purchasing a tested, third-party solution. To help figure out the best course of action for your organization, I’d like to share some criteria that may guide you.