Insurers urged to make AI investment

Insurers are being urged to invest in artificial intelligence after a recent study showed it could lead to a significant rise in revenue for their businesses. According to Accenture's Future Workforce Survey, firms that commit to AI at the same rate as top-performing companies could enjoy an average revenue increase of 17% by just 2022. However, in order to enjoy the potential returns, insurers must also leverage what Accenture calls "applied intelligence" – that is, collaboration between humans and machines. "We believe AI, when synthesized with human ingenuity across the enterprise, will achieve exponentially more," reads the report. "Used in this way, insurers will gain the ability to solve complex challenges, develop new products and services, and break into or create new markets."