Automation

Carriers enter the new year with a sense of urgency to deploy faster, higher-impact capabilities aimed at enhancing underwriting, claims and customer interaction, says Aite Group.

Insurers face the risk of investing too heavily in RPA if they treat it as a long-term solution rather than a temporary fix.

Efforts to make AI more accessible also may alleviate the shortages of data and computer scientists.

The move has enabled the reinsurer to develop a new underwriting system, leading to faster product launches and enhanced data analytics.

Many of these dangers stem from the increasing reliance of financial services companies on outside technology firms.

Some tasks require so much human judgment, intuition and empathy that it will be a very long time, if ever, before AI assumes control.

Insurance industry as a whole, however, lags other financial services somewhat in implementing robotic process automation, according to PwC.

Artificial intelligence, the IoT, cloud computing and cryptocurrencies are among the technologies that will dominate new IT investments, according to the researcher.

he software-as-a-service product creates tailored reports for end users across the insurance organization.

SVP Jerry Gupta notes the emerging technology has increasingly been used in distribution and claims straight-through processing.