AI & Machine Learning

Robotic process automation provides huge benefits, but insurers may invest too heavily in RPA if they treat it as a long-term answer.

The crux of the problem: Insurance companies, born in the era of the horse-drawn carriage, were not built to capture big data.

Lemonade says that, being built on AI and behavioral economics, means that they’re building something with cross-border appeal.

Robotic process automation (RPA) can be a cost-efficient, short-term solution for poor systems integration -- but there are risks.

Insurance is now ready for an AI-based analytics platform that can help minimize claim costs and improve customers’ claims experience.

While insurers have had more data than they’ve known what to do with, they can now reap the heralded rewards of the big-data revolution.

Today, artificial intelligence appears in use cases here and there. Over time, AI will contribute to solutions everywhere in P&C.

Early adopters have the potential to reap greater rewards by improving efficiency and customer engagement but face challenges.