How AI Changes Everything - Insurance Thought Leadership

So far, the main areas of AI use in insurance include customer experience, process optimization and product innovation. Insurers already collect heaps of data; with artificial intelligence, they can use it to its full potential and improve at every level, from automating call center request processing to helping make accurate assessments and executive-level decisions. Through its power to recognize patterns and anticipate actions, AI can provide a predictive environment where risks are anticipated and hedged. So far, it seems that the main areas of AI application in insurance include customer experience (58%), process optimization (43%) and product innovation (19%), according to a 2018 study by Everest Global. AI could also be applied to fraud, which a report by the FBI shows costs more than $40 billion per year.