Incumbent insurers have accelerated their use of mature AI deployments in the past year to meet changing customer expectations and better compete with insurtechs. They’ll now need to infuse the tech across their business segments to unlock the full potential—including enhanced personalization, cost cutting, and stronger risk management—of AI-driven digital transformation.
Three Key Questions This Report Will Answer
WHAT'S IN THIS REPORT? Insider Intelligence assesses the business impact of forward-looking insurers implementing AI in their front, middle, and back offices, with real-world examples of each. The report then explores the key risks arising from AI use that insurers need to keep in mind. It also provides recommendations around how insurers can best approach the implementation of AI-powered digital transformation. Finally, it examines prominent strategies currently in use by three insurers (Aon, Allstate, and Zurich Insurance UK) that have invested in AI technology, gleaned from interviews with key stakeholders.
KEY STAT: Forward-looking insurers can leverage AI-powered chatbots to support customers 24/7—a benefit cited by more than half (56%) of global banking and insurance customers using AI interactions. This can boost operational efficiency, as staff is freed up to deal with less trivial and more revenue-generating tasks, such as customer acquisition.
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