Artificial Intelligence set to transform insurance industry, but integration challenges remain: Accenture

Artificial intelligence (AI) will "significantly transform" the insurance industry in the next three years, with insurers investing in AI to empower agents, brokers and employees to enhance the customer experience with automated personalized services, faster claims handling and individual risk-based underwriting processes, according to a new report from Accenture. The Technology Vision for Insurance 2017 report, called Technology for People, released on Wednesday by the global professional services company, found that while the technology will be empowering, insurers face challenges integrating AI into their existing technology. Insurers cite issues such as data quality, privacy and infrastructure compatibility. The report is based on the insights of a technology advisory board, interviews with industry technologists and a survey of more than 550 insurance executives across 31 countries in North America, Europe, Asia-Pacific, Africa and South America, Accenture noted in a press release. The goal of the survey was to identify the key issues and priorities for technology adoption and investment.