How AI Is Transforming the Insurance Industry [6 Use Cases]

Intelligent automation drives the best ROI for repetitive, standardized, and attention-demanding workflows. Claims management is a great example of such. Largely paper-based and rarely end-to-end digitized, the claims management process can eat up to 50%-80% of premiums' revenues. Being primarily manual, claims processing is also prone to errors and inefficiencies, which further drive up the insurers' operating costs. As McKinsey stated at the beginning of 2019, larger insurance carriers haven't quite addressed the costs of services delivery: In particular, the increase in connectivity--telematics and onboard computers in cars, smart home assistants, fitness trackers, healthcare wearables, and other types of IoT devices--now allows insurers to automatically collect more comprehensive data from customers.