AI Will Transform Insurance Industry, Execs Say: Accenture Report - Carrier Management

Together, the last two responses add up to 71 percent of respondents, and Accenture reports that insurers are investing in AI in several areas of the business, including distribution, claims and underwriting. They are looking to empower agents, brokers and employees to enhance the customer experience with automated personalized services, faster claims handling and individual risk-based underwriting processes, Accenture said in a statement. Separately, Carrier Management interviewed representatives of four global insurance groups--XL Catlin, Allianz, QBE and Zurich--who described some of the AI initiatives already underway at their firms. They range from condensing lengthy engineering reports for swifter underwriting, reassigning some of the claims administrative services handled by offshore humans to robots, interpreting crop risk information delivered by drones, and deciphering communications from customers with heavy accents using natural language processing. Also detailed is Zurich's use of a multilingual natural language processing product called Cogito from Expert Systems that mines complicated, voluminous claims data to rapidly provide more refined information to claims adjusters for faster decision-making.