AI & Machine Learning

AI can help in a big way but is not the sole solution. The key lies in integrating people-focused strategies with AI advancements.

Embedded insurance, customer-facing digital tools, telematics and the IoT, rich data sets and AI and ML will mark a paradigm shift.

AI lets insurers make connections and draw insights from data that otherwise may not have been available, at least not at speed or scale.

Traditional insurance continues to be needed, but businesses must consider solutions to fill the gaps–or be left to costly exposures. 

To be successful in our use of AI, we must remember one thing: A machine cannot replace the need for human touch in our industry.

Health insurers must work closely with clinicians to ensure that AI tools are effectively integrated into their workflows.

GenAI represents game-changing possibilities but, like any new technology, comes with potential pitfalls that organizations must address. 

Here is a sort of use-case wish list for AI in insurance, focused on the most repetitive and demanding claim functions.