AI in Insurance: Business Process Automation Brings Digital Insurer Performance to a New Level

The insurance industry – one of the least digitalized – is not surprisingly one of the most ineffective segments of the financial services industry. Internal business processes are often duplicated, bureaucratized, and time-consuming. As the ubiquity of machine learning and artificial intelligence systems increases, they have the potential to automate operations in insurance companies thereby cutting costs and increasing productivity. However, organizations have plenty of reasons to resist the AI expansion; the fear of unemployment and the lack of trust in cognitive systems are among them. But these are hardly justified concerns.