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4 Ways AI Can Benefit the Insurance Industry
You may be thinking, AI in the insurance industry…really? Sure, historically this industry isn’t exactly known for its technological innovation, but as Bob Dylan once sang, the times they are a-changin’. As it stands, 21 percent of insurance organizations report they are currently preparing their workforce to adopt AI-based systems. AI has revolutionized the insurance industry, which was once known for being full of time-consuming tasks and manual inefficiencies. The automation revolution has proven beneficial at helping insurance companies grow, save money, reduce fraud, and increase efficiencies. However, leaning too heavily on technology and completely removing the human touch from insurance processes can be detrimental.
Digital transformation and the legacy of insurance
The insurance industry is mid-transition during an economic slowdown and investment drought. So what does the immediate future look like?
It’s fairly safe to say that, when it comes to digital transformation, the global insurance industry was a touch late to the party. Incumbents were process and paperwork-heavy. Worse still, customers were conditioned to accept the status quo, which involved waiting weeks for claims to be processed and payments to be made – because that’s just how the system had always been. Then COVID-19 came along and everything changed.