AI & Machine Learning

The International Insurance Society's annual survey found inflation is the biggest concern for executives worldwide for the third year in a row, while AI surged as a priority. 

The future is looking bright thanks to AI and business rules engines, which greatly reduce menial tasks and let underwriters take on more strategic issues.

The data at the industry’s disposal has hit critical mass, setting the stage for efficiency gains up to 10% to 20% with GenAI. 

More than half of global insurance decision makers say their transformation efforts have not achieved desired business outcomes. I

Skills-based hiring and skills-based salary levels can mean better results and access to a wider pool of talent at a time when AI is increasing the pace of change.

AI requires using guardrails to account for technical limitations, leveraging GenAI’s strength at hyper-personalized interaction and ensuring human agents remain in the service flow.

For insurers, investing in automation today is an investment in AI tomorrow. 

In a recent World Economic Forum report, nearly 1,500 surveyed professionals identified AI as their organization’s biggest technology risk.