US Insurers Could Boost Profits by $20 Billion Through Intelligent Solutions, According to Accenture Report

US Insurers Could Boost Profits by $20 Billion Through Intelligent Solutions, According to Accenture Report More than half of insurers currently use intelligent solutions in one or more business process NEW YORK; July 25, 2018 – By embedding intelligent solutions such as artificial intelligence (AI), machine learning and analytics into every business process, insurers in the U.S. could increase annual profitability by as much as US$20 billion, according to new research by Accenture (NYSE: ACN). The report, called "Reimagining Insurance Processes with Intelligent Solutions," is based on an analysis of the potential profit impact of intelligent solutions on U.S. tier 1 insurers, as well as a survey of 185 insurance process professionals. The research found that insurers that use intelligent solutions to reinvent the customer experience and drive human-machine collaboration are achieving returns in excess of 10 times their investment and could increase industry-wide profitability by between US$10.4 billion and US$20.8 billion. "As insurers face heightened customer expectations and cost pressures, now is the time for them to move from experimenting with AI in the laboratory to deploying it at scale across several business processes," said Michael Costonis, who leads Accenture's Insurance practice globally. Encouragingly, the report notes that more than half (53 percent) of insurers surveyed are already using intelligent solutions in one or more business process, and 46 percent are investing in or piloting them to streamline selected business processes and customer experiences.