The Impact and Opportunities of AI

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Artificial Intelligence (AI) incorporates everything from machine learning to the Internet of Things (IoT). Earlier the tasks like visual and speech processing, decision-making and language translation etc., that required human intelligence, can be performed by the present AI frameworks. This clearly offers opportunities in many areas within insurance. It is not only limited to this, Artificial Intelligence is rapidly advancing and discovering its own way into astonishing daily use cases, such as self-driving cars to automated assistants, leading individuals to underestimate how it’s fundamentally transforming their world’s reality. It is disrupting and improving organizations across all industries, and now it’s headed for the insurance sector.

1.      Automation:
AI and automation allow insurers to cut down on validating and reconciling data received from brokers, for example accounting information. Tasks that once took weeks to finish (checking a complex energy premium bordereau for example) are now accurately completed in a matter of minutes, opening the gate for insurers to focus on more complex and creative projects.
Machine learning can help insurers and brokers underwrite risk more effectively, using the large troves of customer data it has collected.

2.      Predictive Recommendations
Thanks to companies like Amazon and Google, consumers are now accustomed to algorithms and the use of historical behavioral data to offer sales, search and product recommendations in their day-to-day lives. As AI constantly collects data and helps identify consumer patterns to reduce risk, this same concept can apply to insurance.
AI can improve overall satisfaction of company and customer as it offers predictive recommendations that are backed by complex algorithms and data and can analyze process flows for bottlenecks

3.      Advanced Applications
AI with the help of Machine Learning can understand the thought process of humans and can better understand them. It also allows AI to analyze human behavior and provide predictive consulting based on everyone’s requirements.

With AI systems adopting more human capabilities, they could soon replace many functions of a typical operations person. The advancement of internal processes can be possible with the help of this technology. Apart from that, it can also assist insurers in cutting down on time spent on mundane tasks, simple endorsement processing for example.

There is a tendency with innovations like AI that they only apply to the retail sector, but there will be many use cases within reinsurance and commercial.


In short, any business that doesn’t make an investment in Artificial Intelligence and machine learning in 2018 will fall behind their competition. Organizations must be willing to welcome AI with open arms if they want to improve processes and deliver higher quality work.

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