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How is Artificial Intelligence in Insurance addressing the industry's key challenges? - Maruti Techlabs

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The insurance industry, after the trade market, is another sector where it is hard to predict the next big paradigm shift. Given the tentative stability and natural catastrophes, insurance companies often stand on a trembling ground and confront massive challenges, even when it comes to adopting seamless and intuitive digital solutions such as Artificial Intelligence in Insurance. According to PwC's 20th CEO survey conducted in 39 countries, the greatest concerns that loom over the 95 CEOs of the insurance sector today are the subdued premium rate, mild interest rates, shifting consumer behavior, slow economic growth, need for regulations and technological innovations and blazing market competition. Let's delve into the idea of introducing artificial intelligence in insurance, and how it impacts the current legacy processes. This shows how the insurance industry is struggling to comprehend and leverage digital advancements.


How Artificial Intelligence is Transforming the Insurance Space

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When it comes to digitization, the insurance space hasn't particularly been at the forefront of leading in technological innovation. And it's only fair as a colossal amount of regulations combined with thousands of users' sensitive information makes the insurance industry cautious in adopting new technologies. But, things are gradually changing! As per Genpact's AI 360 report, the adoption of artificial intelligence in insurance is rapidly increasing, with 87% of insurance carriers investing more than USD 5 million in AI-related technologies each year. Digital revolution is everywhere, increasingly transforming conventional business models and adopting digital solutions.


AI in Insurance – Addressing the Industry's Key Challenges

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Nonetheless, things are definitely changing, and artificial intelligence in insurance is playing a key role in disrupting the entire industry and improving the insurance customer experience by leaps and bounds. According to PwC's 20th CEO survey conducted in 39 countries, the greatest concerns that loom over the 95 CEOs of the insurance sector today are the subdued premium rate, mild interest rates, shifting consumer behavior, slow economic growth, need for regulations and technological innovations and blazing market competition. Let's delve into the idea of introducing artificial intelligence in insurance, and how it impacts the current legacy processes. This shows how the insurance industry is struggling to comprehend and leverage digital advancements. The survey also illuminated some of the key challenges as faced by these insurance leaders.


How Will Machine Learning Be Able To Change The Future Of The Insurance Industry?

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Artificial Intelligence within the Insurance industry has overhauled the claims management process by making it faster, better, and with fewer errors. From smart chatbots that offer quick customer service round the clock to the array of machine learning technologies that spruce up the functioning of any workplace through its automation power, the expanding potential of Artificial Intelligence in Insurance is already being used in many ways. With increased awareness and resources about the game-changing influence of AI in the Insurance industry, the initial hesitations and shallow discomfort around its implementation are now fading quickly as it begins to trust in the caliber and numerous opportunities brought forward by Artificial Intelligence and Machine Learning. The only question that remains is -- how far can we push its capabilities? In 2017, Artificial Intelligence has shown its substance in various business verticals by rapidly creating controlled, digitally enhanced automated environments for maximum productivity.


Top 10 Insurtech Trends for 2018 that set the Digital Insurance Agenda

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December is the perfect month to predict the key insurtech trends for the year to come and to think of New Year's resolutions: what specific trends to tap into to enhance the digital strategies. We believe these trends should relate to what an insurance carrier would like to accomplish, to what a'winning insurance firm of the future' would look like. We believe that that such winning insurance firms will have four essential elements. Fast changing customer behaviour and new market dynamics make it essential for insurance carriers to increase the contact frequency and provide more added value in these contacts. Fortunately, connectivity, all sorts of connected devices offer an unprecedented entry in customers' daily life. Adding value is about solving the real problem. People don't want a mortgage; they want a nice house to live in. Insurance is usually just part of a solution, but rarely the entire solution to the real problem a customer is facing.