The insurance industry seems like a natural setting for artificial intelligence to take root. Solutions providing fraud analysis against claims data has been in place for some time at many companies, enabling rapid settlements with a high degree of assurance that fraudulent claims can be spotted before checks are cut and delivered. There’s also nothing new about automated underwriting at the front end of the policy lifecycle, assuring that most routine applications are processed and priced in the most expedient manner.
Yet, it appears the industry is set to move to an even more comprehensive generation of AI, one that may transform insurance in untold ways. This is set to happen very quickly — not in some far-off future. That’s the gist of a recent Accenture study, which finds that insurance executives believe that AI will significantly transform their industry in just a few three years.
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